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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.
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. Rather they can be counted on to perform these secondary "between-the-lines" tasks when they 1. Are addressed to the proper person 2. Use correct titles and complete addresses 3. Use clear direct language 4. Are assertive yet with constraint 5. Establish a firm assured tone 6. Provide precise accurate data 7. Come to the point quickly 8. State unmistakably what action is desired 9. Are signed by a person with authority If you have more than one financial subject to cover consider the alternative of writing two or more letters instead of one.
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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.
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. They will not offer you a short sale without talking with them. This is a rare thing if this happens. There are many different kinds of hardship letters including creditor and foreclosure letters. Any type of hardship letter will give you the chance to tell your side of why your situation has happened and why you have begun to default on your loan. This letter is to be used to convince your financial institution to let you pay less than your regular monthly payment. When writing your letter you need to remember that there is an actual person on the other end that will be reading it.