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A hardship financial letter is basically a concise outline of what the loss mitigator needs to know. Since these people are very busy you want to give them just the facts. Keep emotion out of it and don t go off on a tangent with blame. Here is a list that convey hardship in a financial letter: Three Most Common Financial Hardships: 1. Adjustable Rate Mortgage Reset 2. Family illness 3. Loss of job Other Common Hardships: 4. Change of income downward 5. Failure of a business 6. A relocation for work 7. Spousal death or that of a cashflow contributor 8. Penal incarceration 9. Divorce proceedings 10. Military call out 11.
4. State the purpose clearly in a first draft. 5. If the subject has been discussed orally with the addressee make sure you have not said one thing and now presenting different picture. 6. Create an attitude of cooperation or understanding. 7. State clearly what you expect from the recipient. Financial letters are in a class by themselves in a number of ways. Unlike general letters you may write to customers clients sales personnel the media or government officials they are likely to be addressed to people who have specific areas of operation and responsibility. Such recipients include for example loan officers in banks certified public accountants treasurers controllers contract negotiators financial analysts trust officers and brokers.
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Eligibility requirements and criteria are published at If borrowers do not qualify for loan modification or mortgage refinance through Making Home Affordable programs they may qualify for the foreclosure alternatives program. This program allows borrowers to enter into a short sale or deed in lieu of foreclosure agreement to obtain financial relief. It is important for borrowers to conduct research and determine available home loan options. In addition to loan modifications mortgage refinancing and short selling borrowers might qualify for a forbearance agreement or deed in lieu of foreclosure.
When possible explain your plan for staying on tract with future home loan payments. If you have received a raise taken a second job or received inheritance money include this information in the hardship letter. Borrowers must provide financial records and proof of income when applying for a loan modification. Borrowers who provide false income statements could be charged with mortgage fraud. Therefore it is crucial to be honest when applying for a modified home loan. One loan modification option is Obama s Making Home Affordable program. Borrowers must submit modified loan requests to their mortgage lender prior to the December 31 2012 deadline.