Loan modification hardship letter

Loan modification hardship letter

When getting help to modify your mortgage note you will be asked for certain documents to be used in presenting your case to the lender. One of those documents, and probably the most important, is the hardship letter. This letter basically tells the lender why it is you need them to adjust your mortgage. Its important that it covers all the details but that it remains one page or less. It needs to document all of your current lifes issues so the lender can decide if giving you the loan workout will indeed help the situation and give you the relief you need. Make it unique to your situation and be sure to include all the details of the events. Be sure to include dates and dollar amounts where applicable. An example of hardships that a lender would consider in doing a loan modification or workout are: adjustable rate mortgage reset--payment shock, illness, loss of job, reduced income, failed business, job relocation, death of spouse or co-borrower, incarceration, divorce, marital separation, military duty, medical bills and damage to property (natural & un-natural). This is a list of the most popular reasons that lenders allow loan modifications but other situations will be reviewed for acceptability. Remember, your hardship letter is only one piece of the workout process but is key in getting your loan modification.

Call us today most people that do it themselves end up harming themselves and making the situation worst call and we can help.

Beverly Shortsale Inc. - Beverly Hills Office
8484 Wilshire Blvd Suite 220 Boulevard
Beverly Hills, CA 91202
P: (310) 598-1399
F: (818) 688-8045