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The Mortgage Hardship Letter – A critical step in applying for forbearance, modification, interest rate reduction, and principal reduction to your mortgage. Here you explain changes in your financial situation, what you are doing to solve the problem, and what you would like your lender to do. You are laying the ground work for a successful negotiation. Do I qualify for a modification?
A letter of hardship is the key for a homeowner who is trying to keep their home. Remember, mortgage lenders receive thousands of requests for mortgage modifications every month. Without a properly written hardship letter you will most likely be denied. Take great care in developing your letter.
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Help A Home Tips:
- Do not send a long, overly detailed hardship letter
- Do not hand write your hardship letter
- Be honest. But Remember, you do not have to share everything about your hardship
- If you provide unnecessary information or poorly worded descriptions your hardship letter may trigger negative reaction from your lender
- Be Specific. You want to request certain terms of assistance such as forbearance, mortgage modification or rate reduction etc.
- Seek help in writing your hardship letter from someone with experience in dealing with mortgage companies
- Receive free hardship letter examples from Help A Home
- Looking for SHORT SALE Hardship Letters? Click Here.
Questions you may be asking yourself: