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Loss mitigators are responsible for handling loan modifications mortgage refinance foreclosure and short sale transactions and do not have time to read lengthy letters of hardship. When crafting the loan modification hardship letter it is important to stick to the facts. Start by creating an outline of major events. These might include loss of employment divorce death of a spouse or chronic health problems. 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.
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.
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However lenders do not relish a foreclosure either and so use it as a last resort. This is because besides the loss of capital from the borrower lenders will have to pay thousands of dollars in legal and service fees to a home into foreclosure. In addition they now have an empty home that is going to cost a lot more to keep up: insurance maintenance security and real estate advertising. Therefore if a borrower is in financial trouble a good hardship letter to lender can mean a loan modification for their home. And this all starts with hardship letter samples.
Be sure to keep in mind that grants and scholarships are free money and consequently the most sought-after financial aid option. The format of award letters may vary between colleges however there is certain information that each award letter will have in common all of which is important for realistically evaluating awards and arriving at a bottom line comparison. Award letters will include details on college tuition and fees and some will include details on the entire Cost of Attendance (COA). A central component of the financial aid award letter is a listing of the amounts of any financial aid programs that the student has been offered. When receiving the award letter you should review it very carefully and note the amount of financial aid awarded as well as the terms of each of the individual awards offered.