Foreclosure Hardship Letter = Deal or No Deal!

Foreclosure Hardship Letter = Deal or No Deal!

It's true, the difference between approval and decline of your mortgage modification request rests in the hardship letter. Don't skimp on this one, you only have one chance to state your case.

What Is A Hardship Letter?

Your lender knows that something happened in your life that made it difficult to make your mortgage payment. They call this a hardship and it’s your ticket to lower interest rates and other wonderful benefits. Don’t get me wrong, nobody wants a hardship, especially those who are going through them right now. It’s hard to think about the possibility of many of these hardships in my life and I certainly would not wish them on anyone.

In a nutshell a hardship letter is something most Mortgage Companies will require to consider you for a "Work Out". This is your opportunity to appeal to them to give you anther chance. This should not be used to complain about what they have done or not done to make your situation worse. This letter must be honest and represent the facts clearly. It must prove to them that the situation that caused you to fall behind was temporary and you are now in a position to make your payments on time. You must also have a legitimate excuse for falling behind - financial problems in itself would not be an adequate excuse. Loss of a job, death in the family, unexpected expenses or an illness would be an acceptable reason to fall behind on your Mortgage temporarily.

Of course, you need to make it your own so it fits your situation. Your hardship letter should be in your own words and describe your situation in a factual manner. Don’t be afraid to show your emotions and really tell your story. Don’t make it bland and dry - you want the people that read your letter to connect to you on a personal level rather than a strictly business level.

Here Is Some Suggested Contents:

- - Identifying information (for you and your loan)

- - Describe your hardship and reasons for it (in detail)

- - Broad overview of your income and expenses. Explain any recent changes in income or expense and if you expect any changes to happen in the near future

- - Describe any sudden and unexpected changes in your income

- - Describe any sudden and unexpected changes in your expenses.

- - The amount of money you have saved to offset any delinquency or to pay toward a workout plan.

Writing a hardship letter is not difficult when you know the elements which must be present and those better left out. I recommend using a worksheet like the one included in our popular FREE special report "How To Write A Killer Hardship Letter" which is available on my website. For more information on mortgage modifications, short sales and hardship letters visit our website.

Check out some other articles I published available on my website:

"Top 10 Mistakes People Make When Writing Their
Hardship Letter And How YOU Can Avoid Them"

"What Your Lender Considers A Hardship"

"Foreclosure Hardship Letter Part 1 - How To Write A Compelling Hardship Letter "

"Foreclosure Hardship Letter Part 2 - What Your Lender Really Wants To Hear"

"Foreclosure Hardship Letter Part 3 - What You Should NEVER Tell your Lender"

"Get Your Automatic Mortgage Rate Reduction"

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Tom Mack simplifies the mortgage modification process. Find out more about Loan Modifications and “How To Write A Killer Hardship Letter” with his popular FREE Special Report, available at:  => CreativeLoanModification.com

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