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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.
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. 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.
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You will then be requested to submit a package to this person for a loan modification application. The leading edge of this package is the financial hardship letter explaining how you ended up in this situation: loss of job death in the family sickness. Therefore the letter is an organized journal of both your financial and life problems that led you to be in arrears with your mortgage. It will also help the lender to see how to help you to get back on track. In order to write a good letter you should start with good hardship letter samples. How it works is that the loan mitigator will read the loan modification package that includes the hardship financial letter. Included in the kits will be include financial statements bank account information pay stubs etc. But the most important item is the financial letter because this is your sales pitch to the loan mitigator. And like all good sales pitches you need a guide to follow and hardship letter samples are the best templates to follow. 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.
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. It s important to know that each college sets its own qualifications and criteria for merit based aid and that scholarship levels vary greatly from one college to another.