When you reach a point where you just can't continue to pay your mortgage and refinancing is not an option for you, you have to get your loan modified. The first thing you need to do is write a rough copy of a loan modification hardship letter. This will let your lender know you really need the modification. It is unfortunate that many loan modification requests are denied because the applicant does not know how to write an effective loan modification hardship letter.
The point of a hardship letter is to tell your lender about your financial situation, why you feel you need a modification, and to convince them that this is the only way you are going to be able to keep your home. You have to sound firm in your decision to keep your home and convince your lender that your mortgage bill is the most important financial commitment you currently have.
Lenders do want to know your financial story, but they don't want to know everything. They don't want to wade through pages detailing every bad thing that has happened in your life. Be sincere but avoid being dramatic or whiny. Tell the truth and emphasize that you really want to keep your home and a home loan modification is the only way this is going to happen. Your lender needs to know that there is nothing more important to you than paying your mortgage and they want to know that if they do modify it, you will never miss another payment.
In today's unsettled housing market, lenders hear a lot of stories from desperate homeowners. You must specify the type of hardship you have faced so you will not be overlooked. Be short and concise, your letter should not be longer than a few pages. Don't beg for sympathy or for forgiveness, be proactive, present a plan showing how you can make things better in the future. Emphasis the fact that you are a responsible person who will honor your modified loan. You want to convey the sense that you are a hard-working determined homeowner who has just meet with some unfortunate circumstances and need help to get back on track.
A financial advisor will help you write a loan modification hardship letter and it is a good idea to use their services. Do an online search for hardship letter templates and you will get a rough idea of what your letter should look like.
A well-written hardship letter can make or break your application for a home modification. Read this article to learn what must be included in a hardship letter.
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