Loan Modification Hardship Letter – Some Helpful Pointers   by Art McCammon

The flood of foreclosures recently has made loan modification a very hot topic. Foreclosures have struck every level of the economic pyramid. If you are considering the loan modification process, one of the key pieces to the puzzle is the loan modification hardship letter. But be careful, it is crucial to do it correctly. If there are inaccuracies or omissions, your request for loan modification will probably be declined.

Dealing with lenders is always a meticulous process, but especially so in the quest to modify your mortgage.

Here are some things that must be included in your loan modification hardship letter:

1.Your total income at the time you got the loan.

2.Your income now.

3.The reason you have gotten behind in your payments.

4.Your promise that if the loan is modified, you will always pay on time in the future.

5.Your other monthly bills or obligations.

You must include each of these items in any letter you write. However, the way you write it is also important. Your figures must be correct, but it is crucial to write in a persuasive way. Let them know the steps you’ve taken to try to keep up with your payments. Have you cut back on luxuries or non essential spending? Perhaps you have cancelled your cable television service or membership to a gym. Maybe you have discontinued internet service or cancelled magazine subscriptions. All these things demonstrate that you take the situation seriously and are determined to meet your obligation to the lender.

Since your loan modification hardship letter is so crucial, as are all the steps in this process, many have found professional help to be invaluable. There are organizations and individuals who specialize in helping homeowners submit these letters and forms correctly and thereby increase their chances of having their loan modification request approved. If you are unable to locate or afford a counselor, there are also professional quality kits which will aid you in submitting your request effectively.

About the Author

If you are considering home loan modification, one critical part of the process is the hardship letter. Help is available.

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