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Advice on what the contents of Hardship letter should have for Loan Modification





getting Packet ready for Bank
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July 24 - Bakersfield
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Profile picture for Chris Corica
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The truth shouldn't need coaching.
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August 04
Profile picture for Gregorio Denny
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Since January 2009

"A company I am involved with is working on a hardship letter generator."

 All I can say is ... WOW!

Other projects in Beta testing are:

SSI Disability fibromyalgia generator
Workmans comp neck injury generator
Handicapped parking sticker generator

Stay tuned!

 
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August 04
Profile picture for The Mod Squad
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Since June 2009

Check my profile to our book website..there is a template/outline  and other useful free forms that will assist you towards a modification prepared by our attorneys. I would put the link here, but it would surely be considered spam.Best of luck
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August 04
A company I am involved with is working on a hardship letter generator. It's online and really simple just enter maybe 5 fields of info and check a few boxes. They plan to release it free AFAIK and I will link to it here when they do.
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August 03
Your hardship letter should explain how you got into the situation that you are in now.  Although it should be truthful, there are ways of  making it stronger and more acceptable.  Here is an example-'Dear Mr. Lender, I had taken out a loan to buy landscaping, appliances, carpeting, etc. and now I can't afford all my payments.   A better way to say this is "Dear Mr. Lender, I took out a loan to perform necessary and needed home improvements and I am now finding myself struggling with the payments.

You are saying the same thing, but in the first example, you are creating a picture that you are just spending money out of control.  Although both examples are truthful, the second is more compelling and appealing to the lender.
For more Information about Loan Modifications, Just Click On My Profile.
 
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August 02
Profile picture for CA UMB
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The truth!
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July 24
Profile picture for wetdawgs
Contributions: 4051
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Since January 2009

Put "hardship letter for loan modification" in google and you'll come up with several examples.

Examples of hardships:

  • Illness
  • Loss of Job
  • Reduced Income
  • Failed Business
  • Job Relocation
  • Death of Spouse or C0-Borrower
  • Death
  • Incarceration
  • Divorce
  • Marital Separation
  • Military Duty
  • Reduced Income
  • Medical Bills
  • Damage to Property (natural disaster or unnatural)
  • Other (Please Specify)
Good luck, it is not an easy process and not guaranteed.
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July 24
Profile picture for savalencia
To the OP,

http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/102-hardship-letter.html

There is an example here. In my hardship letter I just spilled my guts out about our hardship and financial circumstances and I stated that I want to stay in my home, I am a responsible homeowner and would appreciate any help that could be provided.  My hardship letter was like 2 pages long... I don't know if they read it or just looked at it... You mostly just want to state your hardship, state that you want to stay in your home, and be respectful and gracious.
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July 24
Profile picture for Caveat Emptor
Contributions: 5865
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Since January 2009

why cant you imagine it? people seem to think that a loan modification is something which is owed to them, in actuality a bank actually paid 200, 000 or 500,000 to the last person who owned that home... the money isnt fake and it isnt just being shifted around their spreadsheets, they vouched for you so that you could buy a house... something that maybe you could have never done without their help. keep that in mind when you imagine what is and is not their duty to you.  reguardless of what your asset has performed like, reguardless of market conditions, reguardless of and to the general exception and exclusion of everything else, the responsabilities of both parties are clear. the bank held up their side of the deal.

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July 24
Profile picture for RGorelick
Real Estate Agent

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Contributions: 28
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Since September 2009

Hello,

I am currently working with a client whom has a Wachovia Mortgage
they informed me they do not have a loan modification department at this current time...Does this sound correct? I can't imagine them not having this type of service available...Thanks for your input in reference to this matter
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July 24
 

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