Foreclosure is just one 'hardship letter' away. A homeowner who is facing foreclosure can stop this through home refinancing and most mortgage lenders require a 'hardship letter' to complete the process. What is a hardship letter? A hardship letter is a description of the reasons why a borrower was not able to make his/her mortgage payments. It is a written request to a creditor, lender, or similar institution that appeals for an alteration of payments or fees because of financial hardship.
In writing a hardship letter, a homeowner must be honest and polite enough to explain why a refinancing is needed and reasonable based on the unfortunate financial situation. A favorable outcome may not be guaranteed after sending one hardship letter, but creditors are may be more than willing to work out a particular solution with borrowers who are honest on their request.
A hardship letter is typically one or two pages long with a brief description of the circumstance that made the person unable to pay the monthly mortgage payments. Remember that there are certain events that are inevitable and uncontrollable where lenders are willing to help with refinancing if good reasons are given. Include time lines and events leading too your hardship written in a manner that shows the reader you are a responsible person that has fell on difficult times. Divorce, unemployment, death of a family, medical emergency, and disability are just some of the valid reasons a mortgage lender would consider a hardship letter.
It is highly recommended to keep the hardship letter personal in nature. It would be nice if the borrower would request a remedy containing refinancing options. Moreover, mortgage lenders need to know on what level of payments the borrower can manage.
Writing a hardship letter can be frustrating or worse, shameful on the part of the borrower but this one is part of debt resolution. It also means that the borrower is taking responsibility for his/her debts. Search online for sample templates or examples of hardship letter to guide you in writing a letter that can capture the attention of your mortgage lender.
In writing a hardship letter, a homeowner must be honest and polite enough to explain why a refinancing is needed and reasonable based on the unfortunate financial situation. A favorable outcome may not be guaranteed after sending one hardship letter, but creditors are may be more than willing to work out a particular solution with borrowers who are honest on their request.
A hardship letter is typically one or two pages long with a brief description of the circumstance that made the person unable to pay the monthly mortgage payments. Remember that there are certain events that are inevitable and uncontrollable where lenders are willing to help with refinancing if good reasons are given. Include time lines and events leading too your hardship written in a manner that shows the reader you are a responsible person that has fell on difficult times. Divorce, unemployment, death of a family, medical emergency, and disability are just some of the valid reasons a mortgage lender would consider a hardship letter.
It is highly recommended to keep the hardship letter personal in nature. It would be nice if the borrower would request a remedy containing refinancing options. Moreover, mortgage lenders need to know on what level of payments the borrower can manage.
Writing a hardship letter can be frustrating or worse, shameful on the part of the borrower but this one is part of debt resolution. It also means that the borrower is taking responsibility for his/her debts. Search online for sample templates or examples of hardship letter to guide you in writing a letter that can capture the attention of your mortgage lender.
About the Author:
Stop and avoid foreclosure now. Save Rockwall Texas Homes by writing a hardship letter to your mortgage lender. Learn about mortgage refinance. Find out how you can qualify for refinancing Eagle Mountain Real Estate.
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