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Last year I wrote a book about real estate short sales and had the privilege of interviewing mortgage lenders bank loss mitigators and real estate attorneys. Every professional stated mortgage service providers prefer handwritten letters of hardship. With that being said the debt hardship letter must be easy to read. Borrowers with poor handwriting should ask someone else to write out the letter. Otherwise use a typewriter or word processing program. Lender hardship letters should be short and to the point yet provide enough information to help bank loss mitigators understand the circumstances which led to financial problems.
That is why you need to make it your financial letter short and concise. Make sure that it contains the essential parts such as why you need the loan modification and the reasons of your eligibility for assistance. 2. Write a personal letter. In order for your lender to get a full grasp of your situation you will need to be specific in your family s circumstances. Your lender should be able to identify with you in that you are writing as a real person in need of help. Talk briefly of your family s background and more precisely of your income that can no longer sustain your needs and your home s monthly payment.
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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.
Some colleges will include PLUS Loans (Parent Loan for Undergraduate Students) on the award letter even though they are not a guaranteed source of aid until after a parent passes a credit check. It is very important to carefully review award letters to be sure you understand what you are being offered and the terms of each individual financial aid program. Award letter totals may also vary greatly between colleges. Students may not receive equal amounts of financial aid or even the same mix of financial aid programs from all colleges. It is important to carefully review award letters and ask the financial aid office to clarify any details that are not clear. For example if the student receives a scholarship it would be important to know whether the scholarship aid is renewable each year and if there is any specific renewal criteria attached to the scholarship.