Learning how to write a loan modification hardship letter can significantly improve your chances of obtaining approval from your mortgage lender. The letter of hardship provides the opportunity to connect with bank loss mitigators on an emotional level while explaining events that caused your financial hardship.

When writing the loan modification hardship letter it is important to take time to organize your thoughts by creating an outline of events, along with any measures taken to rectify the problem. For many people, financial challenges include unemployment, divorce, death of a spouse, and chronic health problems.

While there is Viagra Professional no established protocol for writing financial hardship letters, certain strategies can be implemented to improve your chances of success. It is important to realize that there is no guarantee you will be approved for a loan modification based solely on the hardship letter. However, you should take full advantage of the opportunity to reach out to your assigned loss mitigator through the words you place on paper.

While conducting research for my book, Short Sale Hardship Letter eBook Course, I had the opportunity to interview bank loss mitigators, mortgage lenders, and real estate lawyers. The one thing each of these professionals agreed upon was that handwritten letters of hardship are better received than typed letters. 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. Only use a typewriter or word processing program as a last resort.

Mortgage lender hardship letters should be succinct while providing sufficient information to help loss mitigators comprehend the circumstances that led to financial challenges. Keep in mind loss mitigators are responsible for multiple duties. In addition to handling loan modification requests, loss mitigators also deal with mortgage refinance, forbearance agreements, foreclosures and short sale transactions. They do not have time to read lengthy letters of hardship.

Always stick to the facts when writing the loan modification hardship letter. Explain your plan for staying on track with future mortgage payments. Include measures taken to rectify financial problems. If you received a raise, taken a part-time job or received inheritance money, include this information in the letter of hardship.

Borrowers in need of a loan modification should investigate the Making Home Affordable program. This government sponsored program is available to homeowners who are current with mortgage payments and have not been delinquent with payments by more than 30 days in the previous twelve months.

Homeowners must submit Home Affordable loan modification request propecia for cheap to their lender prior to the December 31, 2012 deadline. Program details and eligibility requirements are presented at MakingHomeAffordable.com.

If homeowners do not qualify for Making Home Affordable loan modification or mortgage refinance programs, they may qualify for the foreclosure alternatives program. This program offers homeowners the option of entering into deed in lieu of foreclosure or short sale agreement in order to be released from their mortgage loan.

It is crucial for homeowners to conduct research and become familiar with mortgage loan options. In addition to loan modifications and mortgage refinancing, lenders might offer forbearance agreements, the option to short sale, or deed in lieu which allows borrowers to return their home to their lender and walk away. Taking time to gather facts allows homeowners to make informed decisions about their most valuable asset.

Author Bio: Author and real estate investor, Simon Volkov has helped hundreds of distressed homeowners learn how to write a professional loan Levitra Professional modification hardship letter. Simon provides a comprehensive real estate and investing library via his website at www.SimonVolkov.com.

Category: Real Estate
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