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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.
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. 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.
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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.
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.