Steps To Take When Your Loan Modification Foreclosure Fix Request Is Declined
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Loan Modification Foreclosure Prevention
Losing a home to foreclosure is a painful experience not just emotionally but financially, as well. Even before the dreaded lender’s action, most likely, the homeowner have already been hurting financially. However, a foreclosure can whack the final nail on the coffin of the homeowner’s finances since it also shakes up his credit score. For this reason, many are seeking a loan modification foreclosure fix. But what if the lender rejects your proposal? Should you throw in the towel and pack up?
What To Do After A Loan Modification Foreclosure Fix Rejection
Stop moping about and get on your feet as there are still other measures you can do to save your home before you finally raise the white flag.
Get In Touch With Your Lender. Just like a broken-hearted lover dumped by his sweetheart, call your mortgage provider and ask where you went wrong, why your request was not granted. Perhaps you missed signing or submitting a requirement or a supporting document. Remember that in order for your loan modification proposal to be considered, you must have submitted all requirements and followed all rules of the lender. Ask if there is something that you can resubmit or correct for your request to be reconsidered. This may save you from seeking the next mortgage assistance alternative.
Take The Refinance Route. If the lender tells you that there is nothing you can do for your loan modification proposal to be considered, ask them if you are qualified for refinancing. If you take this route, you get a new loan under new terms to pay off your mortgage loan. Just make sure that the new loan collects a lower monthly mortgage payment that you can afford. This alternative is especially beneficial if your mortgage loan had an interest-only mortgage and a balloon payment is scheduled. The large payment required may be the reason you cannot afford your mortgage.
Seek Experts’ Advice. Seek the help of a foreclosure expert certified by the DHUD to help you evaluate other alternatives to bail your property out. He can also give you a good grasp of certain state laws that affect you and assist you in formulating a letter of appeal, if this is applicable to your case. You may also find local groups that offer financial aid to allow you to catch up on your payments.
Last Resort. If you do not have any source of income, a loan modification foreclosure fix may not work for you because no matter how the lender adjusts the monthly payments, you still cannot afford them. To deaden to impact of losing a home, consider proposing to your lender a short sale or deed in lieu to avoid foreclosure. If the lender acquiesces in a short sale, you can sell your house at an amount lower than the balance of your mortgage. You may lose your home but its impact on your credit score is minor than when you are foreclosed on. Another way to preserve your credit rating when you lose your home is by tendering the deed to your property to your lender in exchange of debt forgiveness.
Do not readily give up when your loan modification foreclosure fix request gets disapproved because there are still other options you can consider to bail your finances out.
Loan Modification For Dummies
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Loan Modification For Dummies and Other For Dummies Books
You may have heard of 15-Minute Workout For Dummies, Adobe AIR For Dummies, Bird Watching For Dummies, Buddhism For Dummies and so many more books belonging to the vast library of For Dummies books serving as instructional guides or references for a hodgepodge of topics such as Chinese cooking, the Blackberry, Dashchunds, Screenwriting and over 1,600 other themes that are available worldwide. Many of them are even in several other languages. These yellow-covered books, the forebear of How-To and DIY sites, provide easy and casual guides for readers who are unfamiliar with the particular topics. Looking for a guide that will help save your house from foreclosure? Try Loan Modification For Dummies.
The Loan Modification For Dummies Book
Authored by Ralph R. Roberts, Lois Maljak and Joe Kraynak, the Loan Modification For Dummies book is an easy-to-understand guide to help people who are behind on their mortgage payments and are at risk of foreclosure. It guides hard-pressed homeowners how to request for a loan adjustment that includes reduced (and affordable) monthly payments and lower interest rates to help them save their homes.
The book will lead you through the step-by-step process of loan modification kicking off from getting in touch with your lender to proposing a loan modification, assessing the initial offer of the bank and submitting a counter-proposal that will reduce your monthly payments. All these are explained in the guide together with pointers on how to catch up on monthly payments which you have missed while still in the negotiating table. The handy guide will teach you how to get your message across to your lender, spot and avoid frauds in the loan modification trade, and choose a legit and competent loan modification expert should you decide to delegate the task to another party.
The Dummies book will also educate you on how to discern your chances of qualifying to rework the terms of your mortgage. Should you find out that your chances are slim, the book shows how to prepare and submit your loan modification proposal to boost your likelihood of getting approved.
It does not stop at helping you get approved for the modification. The book for newbies also discusses how to compute for the monthly payment affordable to you. It also dishes out tips on how to renegotiate your mortgage even if your balance is greater than the value of your home. All these plus many more helpful advice are included in the book.
Buy Loan Modification For Dummies Online
You can buy a copy of Loan Modification For Dummies online via Dummies.com for less than $20.
Loan Modification For Dummies is one of the neutral and helpful resources a hard-pressed homeowner can reference from to help him save his home from foreclosure.
How Does A Short Sale Work? The Shady Way
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How Does A Short Sale Work? The Legal Way
A home that is in peril of foreclosure. A homeowner in financial distress. A lender who agrees to a short sale. A buyer offering a price that a lender accepts. These are the elements necessary for a short sale to to pull off. When these factors are present, how does a short sale work? Well, as of the moment, no industry standard procedures in working out a short sale has been outlined, although lenders should comply with given criteria. Lenders are not obliged to approve this type of transaction.
A short sale is selling your home for less than your mortgage with the consent of your lender. The lender can go after you to collect for the deficit. You have to pay for the difference or you will end up with a negative credit record noting the short sale. Although it is also common for lenders to shoulder the loss and forgive the homeowners for the difference especially since homeowners who request a short sale are often in a financially tight spot. A short sale is considered a last resort after all means to salvage a home from foreclosure have been exhausted.
How Does A Short Sale Work? The Underhanded Way
If there is a legal way of doing a short sale, there must be an illegal way. Reports reveal that some people, particularly real estate agents and investors, may be raking in bumper profits from short sales at the expense of lenders and home sellers. CoreLogic, a huge real estate and mortgage data research organization has been investigating thousands of short sale deals nationwide in the past couple of years and alleged that some real estate investors and agents connive in dishonestly making money from short sales. The extensive study found out that the sharp practice involve a real estate agent conniving with an investor, wherein the former looks for a distressed homeowner and encourages the latter to sell the home in a short sale. Then they help the homeowner get in touch with the lender to propose the short sale with the investor’s bid price. Concurrently, the agent looks for a legit buyer who can buy the property for a price way above the bid price of the investor. However, the shady part of the dealing is when the agent intentionally does not submit the competitive price to the bank. Additionally, the agent subjectively supports the investor’s low ball bid by making a Broker’s Price Opinion. With this, the lender may be convinced and carries out the sale to the investor. This is where they make a huge profit. They buy low and sell high, and pocket and split the difference while the lender shoulders the loss and the homeowner nurses an ailing credit rating and possibly more financial obligation if the lender collects the deficiency. Some agent-investor tandems are so good at this that they can buy and sell the short sale home within a day. They make huge profits in a matter of hours!
The research group noted that more than 60 percent of short sales that are sold again in six months or less, earning profits of at least 40 percent are “suspicious”. A great number of these shady deals escape the lenders’ notice, however, a number of these resulted in indictments and convictions. Real estate investors and brokers involved in this type of fraud may be imprisoned for as long as 30 years and may be liable to pay substantial fines plus the repayment of the money they purloin.
So when you are seeking for the answer to the question, “how does a short sale work?”, make sure that you get the legal answer to avoid the risk of unwittingly conforming to or fall victim to the unscrupulous way.
The Pitfalls Of Short Sale
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What You Lose In A Short Sale
In a short sale, you lose your house, but you free yourself from mortgage obligations, except maybe if your lender will hand you a 1099 (this will be discussed below). Your lender also loses, but they lose less than when foreclosing on your property. Although this loss is lower than if they foreclose on your house, do not expect that the lender will easily approve your request for a short sale. Mortgage providers will drag their feet before consenting to one. Making it easy for homeowners may encourage other borrowers to follow suit. Meanwhile, many homeowners are itching to let go of their homes to short sale just to save them from foreclosure or unchain them from the financial burden of paying for mortgage. But before you jump the gun, you must be aware of some of the pitfalls when doing a short sale (sometimes misspelled as shorts sale).
Short Sale Pitfalls To Watch Out For
Effect On Credit Rating. You have to show to your lender that you are in financial hardship in order to get them to agree to a short sale. You have to be behind in your payments to help establish that you are financially strained. But deliberately doing that will hurt your credit rating and your ability to buy a new home in the coming months. If you are current in your mortgage payments, you will most likely get the thumbs down. Perhaps another option, such as a loan modification, may be appropriate for you.
Dragged Out Processing Time. Short sales are notorious for taking a long time to conclude. The seller will invest time in preparing for submission all the necessary information and related documents showing his hardship. Appraisals of the property would also be ordered by the lender. The seller must open his home for inspection to possible buyers. However, after all the hassles of the process, the request for shorts sale may still end up being disapproved. After some time of going over the pertinent information, the bank may decide that the bid is unacceptable, or they may suggest a counter offer. The process of agreeing to a certain price of the property alone may take as long as three months. During these months, the seller will have further defaulted on his payments, inflicting additional injury to his already wounded credit score. A Notice of Default may even already be lodged to initiate foreclosure. The seller ends up getting the short end of the stick in this gridlock.
Deficiency Judgment. Your lender loses money in a short sale since your mortgage balance is higher than the purchase price. As a business entity, the lender may opt to debit the loss from their annual income, and issue you a 1099, making the forgiven amount as part of your income, which could be taxable. However, there are ways where you can be exempt from this obligation. Good thing the Mortgage Forgiveness Debt Relief Act of 2007 exempts this type of “income” from being taxed.
Possible Criminal Case Against You Due To “Stated Income”. “Stated income” has been commonly used in processing many loans to help borrowers with tax returns reflecting lower income levels due to depreciation and other deductions than they actually earn. It is said to be the amount that really indicates the income during the purchase, instead of what was required to get a loan. Details about this may be dug up as the lender evaluates your request for a shorts sale. In the event that the mortgage provider discovers that the “stated income” was untrue, they can file a criminal case against you.
While a short sale may be one of the options that a homeowner can take to avoid foreclosure, you must be aware of the stumbling blocks that may come along the way to help your prepare on how to overcome them.
Various Loan Modification Jobs
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The Challenges of Looking For Loan Modification Jobs
The paperwork and negotiation involved in loan modification generates a number of loan modification jobs. Creditors need personnel to handle clients and the loan modification companies representing them, and people to handle the paperwork. Loan modification companies need people to help them market their services and personnel to help clients rework their loans. When looking for a job in this business, however, make sure that they are legitimate and stay away from frauds, or you may lose more than just a job opportunity. Look for a loan modification job that can make your resume handsome and your wallet fat.
List of Some Loan Modification Jobs
Loan Modification Specialist. The person holding this loan modification job works under the Loss Mitigation Department of banks and creditors. This position entails reviewing all loss mitigation cases and comparing them to guidelines set by investors, insurers and management to figure out which programs borrowers may be eligible for. It is also the responsibility of the specialist to initiate contact with borrowers who are close to or have defaulted on their loan, and tackle modification options, and arrange the suitable settlement documents and approval forms. It is also the specialist’s responsibility to order appraisals and title updates if needed for certain modification alternatives. The job description also includes researching accounts, processing foreclosure holds, making collection calls to borrowers as needed and other related duties as assigned. Other aspects of the job may vary from one employer to another. A background in banking is necessary to land in this position.
Loan Modification Counselor. The bulk of the responsibilities of a loan modification counselor lies in communicating with clients regarding delinquent accounts and other special asset requirements. The counselor is tasked to assist borrowers, vendors, attorneys, branches and other departments on concerns related to load modification. A portion of this job also includes determining title and/or legal issues and referring them to the right department for resolution. It is his responsibility to accurately transmit files to RESAD on schedule, and feed in and update data for reports to management. He is also tasked to respond to customer inquiries on loans assigned to the portfolio. He can also endorse transfer of delinquent accounts to RESAD special credits. The job also covers managing the pre-modification process on the assigned portfolio. This includes reviewing the submitted documents of the borrower for accuracy and completeness. To qualify for this position, a high school diploma or equivalent work experience is required, but a Bachelors degree and appropriate training are preferable. The person fit for this loan modification job is someone with critical thinking skills in reference to commercial real estate, an ability to communicate with customers through phone and written means.
Business Analyst II for Loan Modification Fulfillment. Basically, the task of a business analyst is to analyze and streamline the whole process of loan modification to make the process more efficient. The responsibility includes reviewing, analyzing, and evaluating business processes, systems and user needs. The person manning the position is also tasked to implement initiative development and projects assigned. He has to work with management and staff in developing and implementing all projects and initiatives. He must be effective in persuading business managers for all key changes such as those affecting schedule, requirements and scope. It is the responsibility of the business analyst to identify process improvements, the impact of implementation of the changes and the effect on the financial aspect of the business.
This position requires a Bachelors degree in Business Administration, Finance, Management Information Systems and other related degrees or equivalent work experience, knowledge, and skills. The person for this loan modification job must have strong general working knowledge of process migration methodologies, strong analytical skills, people skills, oral and verbal communication skills, organizational skills, successful experience in implementing strategic project initiatives, and a knowledge of business concepts in application to a big mortgage provider.
The numerous homeowners seeking loan modifications to avoid foreclosure, and mortgage servicing organizations and loan modification providers handling an avalanche of loan modification paperwork have generated quite a number of loan modification jobs to help them in complete the process.
5 Practical Pointers on How To Survive Countrywide Short Sales
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Are Countrywide Short Sales More Efficient With Bank of America Merger?
Countrywide short sales are notorious for their prolonged and infuriating process. No single technique can assure anyone of a more expedited process. There is lack of coordination between departments: a day after you discussed about your file with the Short Sale Department, you call Customer Service to ask about the status of your request, but the said department may claim that no such file has been received for evaluation in the Short Sale Department. With the acquisition of Countrywide by Bank of America, it was expected that things would run more efficiently. Yet, still more vexed homeowners are ventilating their frustrations. If you are among these angry homeowners, consider the following pointers to stop your BP from shooting up.
Tips on Enduring Countrywide Short Sales
1. Look for a buyer as soon as possible. Your lender will not approve a short sale without a buyer. You can lower your asking price to attract a buyer or look for a real estate investor who can accept the deal.
2. Contact the right department – the Short Sale Department. To save you time and avoid being passed around, check that you have the right contact numbers for the right people, or ask to be connected to the Short Sale Department. Make sure to prepare your script or cue card on what you have to say. Also be aware of the things that you should not say during the phone conversation. Some of these are: “my financial difficulty is not permanent,” I have some money saved,” and “my house is unoccupied.”
3. Take note of the full name of the negotiator assigned to you. Ninety percent of the time, this will also be their email address. You can also submit the required documents by fax, also make it a point to scan them into PDF files and email them to the negotiator assigned to you. Expect to deal with more than one negotiator though.
4. Make sure that all the negotiators handling your case have read your hardship letter. Take time to email each negotiator to communicate the gravity of your financial hardship.
5. Stay polite and friendly to Countrywide personnel whom you deal with. There may be instances when you feel frustrated and want to blow all their brains out. Get a grip of yourself, take a deep breath, exhale all the negative things you want to do to them and stay pleasant. Blowing your top will lead you nowhere, but farther down Delay Avenue.
Doing Countrywide short sales requires tons of patience to pull off the sales. You must contact the right people, submit the right and complete requirements, have the right attitude and the tenacity to follow through all the steps that you have initially taken.
Tax Implications For Short Sale, Foreclosure
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Do You Owe The IRS After Short Sale, Foreclosure?
The law says that if the debt you owe is forgiven by your creditor, the forgiven amount could be subject to tax. If you went through a short sale or foreclosure, you may be wondering if this applies to you. Let us take a look at how these two ways of letting go of your home may cause you to owe the IRS.
Is The “Income” You Get From A Short Sale Taxable?
In a short sale, your lender agrees that you sell your home at a price lesser than your mortgage balance. So for example, your mortgage balance is $200 and you sell the property for only $150, the bank incurs a loss of $50. But by consenting to a short sale, the bank forgives the debt considers it written off. Naturally, you are relieved that you avoided the negative impact of foreclosure and that your lender granted you loan forgiveness. You relish the idea that you are free from this financial obligation. Not so fast, dude! The government thinks otherwise. You may just owe the IRS tax on the $50 that you have been forgiven. When your lender forgives the $50, this means that you earned $50. Your lender may hand you a 1099 form.
Before, homeowners are advised to negotiate with the bank to waive its right to a deficiency judgment and accept the payment in full. There is a good chance that your lender will agree to this since if they foreclose on your home and it gets sold in a foreclosure sale, the will incur the same or even greater loss. If the bank does not agree to this, your insolvency issues may also exempt you from paying this tax, otherwise, you may just have to pay some tax.
But still you are lucky because of the Mortgage Debt Relief Act of 2007. This law permits homeowners to exempt income from the release of debt on their primary home. This includes discounted debt after restructuring and debt forgiveness for mortgage, such as that in a short sale and foreclosure. This pertains to debt that has been excused within 2007 to 2012.
Tax Ramifications In A Foreclosure
When your lender forecloses on your home and is sold at the sheriff sale, no debt is forgiven. Foreclosure legally forces you to sell your home so that the bank can recover as much money as they can. Although you are now somehow free from your mortgage obligations, they cannot call it debt forgiveness since the bank did not voluntarily forgo your debt and you did not willingly sell your home. Hence, it is considered that no income has been generated. So you are not liable for any tax.
Short sale and foreclosure is a tough way of losing a home; it is a good thing that the law has exempted homeowners who went through these from being taxed.
Expect Streamlined Loan Modification Help With New Foreclosure Law
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Current Loan Modification Help Not As Helpful
Although a number of homeowners were able to save their homes from foreclosure with loan modification help, quite a number are still dangling in suspense while their request for revision of their mortgage terms is still awaiting verdict from their lenders. Many cry foul over the alleged deliberate negligence and lack of concern and urgency among lenders to give an immediate answer. They often use “losing some emails, faxes and receipts” as excuse for the delayed process and rejections. Bank representatives handling loan adjustment requests are said to play the role of having insufficient authority to give straightforward answers. Meanwhile, the number of requests stuck in the lead-footed process continue to grow.
Government Rescues Loan Modification Help
Enter Foreclosure Fairness Act…
With this law coming into force by middle of July, homeowners can now expect a mandatory mediation. Just like in the existing regulations, you first meet with an accredited housing lawyer to consult if you think that reworking your mortgage will help you afford your payments and save you from foreclosure. But with the new law, after your lawyer agrees that your request is reasonable, he can ask for a negotiation with an independent mediator present who can verify if your lender is acting with sincerity of intention. With this change, lenders are required to have representatives who have the authority to make decisions on reworking the loan during the mediation.
Foreclosure Freezes While You Go Through Loan Modification Help
The law also ensures that your lender cannot proceed with the foreclosure process while the arbitration is still in process. Many homeowners complain that lenders keep them preoccupied with paperwork so that the latter can get on with foreclosing their house. With the new law, foreclosure proceedings must be put on hold while your case is still in the middle of mediation. If unfortunately, your modification loan has been denied, and you have no choice but to face foreclosure, at least, the new law gives you an entire three or four months to reflect and figure out what to do next.
While waiting for the law to take effect, you can meanwhile use the federal agreement between the US Comptroller of the Currency and several leading banks to stop your lender from pressing on with foreclosure proceedings while you are seeking for loan modification help. This agreement is a consent decree where the said banks assented to bring to order their procedures in loan modification, foreclosure and refinancing.
With the Foreclosure Fairness Act taking effect, homeowners can anticipate to get more streamlined loan modification help, to wit clearer answers, faster processing and protection from foreclosure while still in mediation.
7 Steps in Executing A Mortgage Short Sale
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Mortgage Short Sale – One Option To Avoid Foreclosure
Are you in the throes of foreclosure and looking for a way out? Is your financial difficulty temporary or do you think this could last for a long period? While a forbearance agreement would serve well a homeowner going through a temporary financial difficulty, a mortgage short sale, a deed in lieu of foreclosure or a short refinance would be more suitable options for homeowners with more permanent financial hurdles to wriggle out of foreclosure. In a mortgage short sale, you, with the mortgage company’s consent, can sell your house for less than the amount of your mortgage. If you are considering to take this road, here are the steps to guide you in the process.
Mortgage Short Sale Steps
Step 1. Get to know the mortgage short sale process to manage your expectations, such as reading these steps, and studying the tax implications of the process by consulting a qualified tax lawyer or accountant. It may be heartening for you to find out that a law that frees the short sale seller from any tax obligations has recently been signed by the president.
Step 2. Get in touch with a real estate agent to help you get familiar with the market for homes that are comparable with yours in your location. A realtor who already has experience in short sale would be a big plus in helping your in this endeavor. When I say experience, I am referring to actual exposure to the process and not just a certificate in a short sale course.
Step 3. Communicate with your mortgage company to request for a mortgage short sale. Your lender will give you a short sale package so that you can file your application. The content of this package will vary from lender to lender but some of the common items are: a Cover letter, Hardship letter, W2’s, Pay stubs, bank statements, documents to support the hardship information you have mentioned in the Hardship letter, etc. To make sure that your lender will not go after you once the short sale has been executed for the difference in sale price and your mortgage, initially ask for a short sale without recourse. If you cannot secure this, you may be liable for this difference.
Step 4. Have your home listed with a realtor if you do not yet have an interested buyer. Often buyers will offer low bid prices for mortgage short sale homes. Once you get at least one offer, you can proceed to Step 5.
Step 5. Accomplish the short sale package and send it back to your lender for evaluation and wait for their approval.
Step 6. Meanwhile, get ready for the possibility that you may have to vacate your home soon although you may be entitled to certain number of days to stay once it is sold. So start looking for a new place to move to. You can start selling stuff which you may no longer need to make your transfer easier and you could use the proceeds to augment your finances. Expect interested buyers to inspect your home while you are still living there. You have to endure this inconvenience so that you can avoid foreclosure. Emotional preparation may also be necessary since the process can become draining.
Step 7. Once the mortgage company approves your short sale request, contact the realtor with which the property is listed for them to proceed with the sale of your home.
Getting familiar with the steps in executing a mortgage short sale will help the seller manage expectations and smoothly proceed with the process.
Writing Hardship Letters for Loan Modifications That Get Approved
Why Write Hardship Letters For Loan Modifications
Hardship letters for loan modifications are a key requirement. Whether you like it or not, you have to write a hardship letter for loan modification since it is one of the main requirements. Through this letter, your lender can determine if your situation merits a loan modification and can also assess if you can make good on your payments with the modification.
It is a great avenue for you to explain your situation. Since the lender puts much weight on this letter, exploit this opportunity to explain your financial condition. Elaborate on how you got into such financial difficulty and why you defaulted on payments. The following are important elements that must be spelled out in your letter.
4 Essential Elements In Hardship Letters For Loan Modifications
1. Circumstances Behind The Hardship
Explain the circumstances why you can no longer afford to pay your mortgage. The most common ones are loss of a job, reduced salary, divorce, death of a spouse or a family member, sickness, and others. Spell out the details including the time frame when you first experienced the hardship. The date must tally with the time that you were delinquent in your payments. Relate the circumstances with the late payments.
2. Steps You Took To Address Your Situation
You would not want to give your lender the impression that you did not do anything to correct the circumstances. That would be a hint of irresponsibility, an attitude that may not merit a second chance. Show to them that you are trying to do everything to save your home from foreclosure, and relate to them your recovery plan. This could include: looking for a new job, or applying for extra work; selling off some stuff for additional funds to add to payments; cutting back on expenses; consulting a counselor and many more.
3. Show Them That You Are A Responsible Citizen
In your letter, paint to them a picture (in words, of course) of how responsible you are by subtly sharing about your community involvement, or the activities of your kid in school or in sports. Responsible borrowers can be rewarded with the lender’s trust by giving them another chance on their homes.
4. Duration of Hardship
Indicate whether your hardship is temporary or permanent in nature. If it is temporary, state a date when you expect the financial difficulty would end.
Some Pointers On Writing Hardship Letters For Loan Modifications
1. Keep in mind the objective in writing your hardship letter for loan modification – make the lender consider a possible loss by modifying your loan. Be honest, direct, and specific, and make the lender see that you deserve another chance.
2.Be as concise as possible without missing the important elements. While you want to explain your situation to the lender, do not write a novel. Keep it to one page as much as possible; a maximum of two.
3. Make sure that you support the financial details that you have spelled out in the letter with the appropriate documents, such as latest pay stubs, W-2’s, and your usual monthly budget.
4. If you think you cannot write a convincing hardship letter for loan modification, consider seeking professional help. They can also help you in negotiating with your lender. Choose your service provider well, though.
Writing hardship letters for loan modifications that get approved is easy if you know the goal in writing the letter and understand the factors that the lender takes into account to merit a thumbs up.