All loan modification applications will request that you prove to the lender that you are having a very difficult financial time. You must make your case compelling enough to convince your lender that, because of what is happening in your life right now, your monthly mortgage bill must be lowered.
Some homeowners find the process of writing a hardship letter very difficult. Remember that your lender wants offer you a loan modification right now due to the new Obama guidelines. A hardship letter is your way of letting the bank know you story, how you got to the situation you are in now, and how a modification will help you. Here is a sample letter that your can use to frame your own.
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Date
Lending institution name
Lending institution address
Your name, address, and loan number.
Dear [blank]:
I am writing this letter to explain my present financial situation and request a loan modification from your institution so that I can keep my family home. We absolutely do not want to lose our home and are willing to do whatever it takes to keep it.
We have fallen behind in our mortgage payments since my husband has lost his job due to layoffs. This was a job he had held for five years, but four months ago he became unemployed. For these last four months we have had to spend our savings to feed our family and pay our basic bills just to make ends meet. We cut every expense we could. Now our savings are gone and we are using our credit cards just to get by.
We are looking forward to better times; recently my husband found employment and has started his new job. His pay is less that it was before, but we have made the changes necessary and if we could have our monthly mortgage payments reduced, we can manage to pay all our bills and keep our home. As I am sure you are aware, property values have been decreasing and our house is no exception. Our home has declined in value to the point where it is not possible to refinance it or sell it to pay off our mortgage. Our only option is a loan modification.
Please consider our family as a candidate for President Obama's home affordable plan or any other plan that your think might help us. I believe our circumstances warrant some consideration. We are a hard-working, respectable, responsible family who only ask that we be given the chance to keep our home. Please take the time to review our enclosed application and consider giving us a rate reduction to 2% and an extension to a 40 year term. Thank you so much for you time, consideration and help. We are anxiously awaiting your reply.
Respectfully,
[Your name].
Naturally you will just use this letter as a guide, add your own information and personalize it as you see fit. The important thing to remember is to be descriptive, providing enough details to elicit an emphatic response. You will also need to show that you are going to be able to pay the modified mortgage. Accompanying your letter should be a budget that shows all your income and expenses. Prove to your lender that you will be able to afford the new terms of your mortgage. Make sure you include an amount for emergencies to show that you are hoping to prevent such circumstances from happening again.
After you have learned to write an effective loan modification hardship letter, you have a very good chance of being accepted for a loan modification that will let you keep your home. Start by gathering all the required paperwork because you will have to complete a financial statement. Be prepared and be thorough so you will have the best chance of keeping your home using this one time only plan.
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