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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.
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 good financial correspondence can be positive and productive - not only achieving the immediate purpose but improving public relations expanding sales potential and opening doors to other areas of endeavor. This is not to imply that financial letters should be bogged down with irrelevant topics and asides.
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Although you should write a brief letter you should still be able to detail your financial information and other related factors. This is so the person reading your letter can easily grasp your situation. Including your financial documents with your hardship letter is also advised so that you can have sufficient basis for your claims of hardship. Examples of these documents are cash flow statements bank statements income tax statements invoices etc. 5. Clearly identify your request. In the first paragraph of your hardship letter or in the subject line specify your appeal. Make sure that you also reiterate your request all throughout the letter so that you don t lose tract of your letter s primary purpose. 6. Be modest and grateful. You have to remember that you are writing a financial hardship letter and that you are in need of their assistance. You have to be humble enough to admit that you are having financial difficulties and that you would greatly appreciate their help. 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.
Taking time to gather the facts allows homeowners to make informed decisions about one of their most valuable assets. A financial hardship letter is required from a borrower in order to apply for a loan modification. Although it may sound easy enough to do you should keep in mind that the letter is the first obstacle that you need to overcome in your application. Most creditors applying for the refinancing on their mortgages take for granted the hardship letter and end up being denied a chance to stop foreclosures of their homes. Here are a few essential matters to consider. 6 Important Tips on How to Write a Hardship Letter: 1. Write a brief letter. Over millions of borrowers are expected to apply for refinancing of their home mortgage.