Template hardship letter for mortgage loan modification

So, remember the lender is out for their benefit Not yours…keep the communication going. Always ask, is there a sale date? If so, ask that it be postponed and keep calling to make sure it really did get postponed!

Nilsonteam aol. Four Seasons at Terra Lago. Resort Style Living at It's Best! View from The Shadows Restaurant Montecito Clubhouse Terra Lago. Nilson Realty Meet Gracie and Greg. Buyers Why work with a Realtor? Sellers Why work with a Realtor? Back Home. Respectfully, Your Signature Your Name Include your Contact number and email address Additional Thoughts on Hardship Letters Writing a good hardship letter is possibly the single most important factor in whether a loan modification application gets approved or not.

Under normal circumstances we can easily meet our mortgage obligations. However, these last 8 months have found us in difficult times.

I was let go during a round of layoffs 8 months ago. Despite my efforts, I was not able to find additional employment until last month. Additionally, my wife suffered complications from a car accident she was in 7 months ago which left us with substantial medical and insurance bills. We used the unemployment benefits and our savings to pay our mortgage for the first 3 months but quickly found ourselves unable to make our payments and have fallen further and further behind.

While we cannot immediately pay what we owe you, we do intent to pay the full amount. However, we will need your assistance to develop a plan to help us achieve this. We believe that we are through the worst of these difficult times as I am now fully employed and we only have 2 payments left on our medical bills.

I request that the monthly payments be reduced and the delinquent payments be forgiven or recapitalized, so I can catch up and prevent delinquency in the future. I fully intend to pay my debt, but need some help until my wife finds another job and our financial situation stabilizes again.

She currently has two possible job offers, and will know the results next month. I can be reached at or at andrew email. I hope we can meet soon to agree on the terms of a loan modification. Two Main Reasons The two main reasons a borrower needs modification on a mortgage are job loss and medical issues. The lender will want to see the following questions answered: Why did the borrower fall behind in payments When did the borrower fall behind in payments with specific dates Will the financial difficulties be improved and when and how What modifications does the borrower want How much can the borrower afford to pay on the loan If the financial hardship is due to gambling or alcohol, is treatment being sought If the hardship letter is being written by a loan modification consultant such as an attorney, mortgage broker or realtor, it should be written in the first person voice for the borrower, and the borrower should sign the letter.

Wilson: This letter is a formal request for modification of my mortgage. I would appreciate it if we could work together to find a way to normalize my mortgage payments. I apologize for getting behind in my payments, but, as you can see, it was out of my control. Sincerely, Signature Andrew Chicago. Related Posts. Writing a Request Letter for a k Hardship Withdrawal.