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It will tell the lender s key person the loss mitigator the details of the problem and help them decide what to do to help you either keep your home or go for a short sale. This means that the lender might let you sell it for less than the mortgage value. It also will alert the lender as to how far you are willing to go to help with the process. In order to get all the facts straight about your circumstances the best way to write a hardship financial letter is by following an example that has proven successful. By following a good letter you will make sure that all the bases are covered and that the loss mitigator has all the facts to help you.
Also please do not phone because the loss mitigator may not have the time to answer you. In addition it may be confusing to both of you because you may not have all your facts sorted out. This is where the hardship letter samples really help you Items that could go into a hardship financial letter: 1. Loss of job 2. Family illness 3. Adjustable Rate Mortgage Reset 4. Incarceration 5. Change of income downward 6. A relocation for work 7. Medical bills 8. Death of a spouse or that of a household contributor 9. Failure of a business I would like to assist you in setting up your financial hardship letter that is needed for your loan modification or to get a short sale approval for your existing mortgage. Your first step should be to call your financial institution.
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Keep in mind that the loan modification is your last chance to saving your home. Do not forget to be courteous and to sincerely thank in advance your lender for considering your situation. One of the mistakes many business and professional people make has to do with writing letters about financial matters. Such letters are too often classed as "routine" and are assigned to employees on the lower rungs. However many of these letters can have substantial impact on your business and should be written with care. Financial matters includes correspondence with stockholders evaluating the financial health of a business applying for loans price increases monetary transactions royalties contracts bad risks franchise operations accounting joint ventures and much more.
A letter that requests some form of financial aid and then adds a paragraph about an irrelevant business transaction is like painting a room half one color and half another. At best it leads to confusion; at worst it can negate the writer s real objective. No matter how well you know the person being addressed quash the temptation to infuse a bit of friendly chatter - about golf the change in the weather or your forthcoming vacation trip. How to do it 1. Determine the primary objective of the letter. 2. Make a checklist of all points that have to be covered to achieve this objective. 3. Make are certain all data and figures are correct - do not just assume that they are.