Author : Miklos Roth
Your first hardship letter may be the most difficult document you ever have to compose. When you are faced with foreclosure, sometimes you have no choice but to ask for help. This can be stressful and even humiliating. However, rest assured your situation is far from unique. Homeowners across the country are facing the same tough decision. It's time to bite the bullet and start writing.
As the requests for leniency continue to flood the offices of lenders, you need to make sure your letter is read. This doesn't mean you will receive what you are requesting. Financial institutions can't say yes to everyone. Your hardship must be significant for your mortgage company to make an exception for you. However, if you don't know how to go about writing your hardship letter it may simply be rejected because the lender doesn't understand your situation.
Keeping Your Hardship Letter From being Rejected
First off, you have to make sure your mortgage company can link you to your specific loan in their system. Otherwise, they can't help you no matter how serious your financial problems are. Here is the crucial information that should appear at the top of your letter:
* Name
* Address
* Phone #
* Loan ID#
Next, state what you are requesting (mortgage loan modification) and why you need it. Detail what hardships you are experiencing that have caused you to ask for assistance. Respectfully ask for a face to face meeting to talk to a lender about your current situation. Remember to sign your letter.
If you aren't sure about your letter writing capabilities, ask for assistance from an attorney who has experience with home mortgage negotiations. This will ensure that your letter contains all the required information and is worded appropriately. Since your letter is a legal document that will be used to help determine if you should be exempt from foreclosure, you may feel most comfortable with this option.
Sending a well written hardship letter is critical!
Your mortgage is a legally binding contract that be easily modified. Calling or emailing your lender for help is insufficient. A formal letter requesting a review of your loan carries much more weight. It shows you are serious and willing to put your appeal in writing to start the process of mortgage loan modification.
The way your letter is phrased is also very important. You are not asking for a free handout. Instead, you are seeking to renegotiate the terms of your loan contract due to serious financial difficulties. This type of request needs to be professionally worded using proper grammar. It must accurately outline exactly why you are currently unable to meet your mortgage obligation. Don't make your letter lengthy or fill it with emotional appeals. Instead, just stick to the basic facts. This will make it less confusing to read (and easier to write).
What Qualifies as a Hardship?
Not every difficult life circumstance will be considered a hardship in the eyes of your mortgage holder. If you have the money to pay your mortgage but simply want to spend it on something else, this does not qualify. Here are a number of reasons that may be considered legitimate:
* Job loss, salary reduction, or relocation of employment
* Serious illness, disability, or significant medical expense
* Divorce or death of a spouse
* Increase in property taxes
* Military service
* Incarceration
There are also other circumstances such as the failure of a business that may qualify for special consideration. You need to make your case clearly based on your specific situation. This is another good reason to consult with an attorney before writing your hardship letter.
For more information on writing an effective hardship letter please visit: mortgage loan modification consultant
Article Source: http://EzineArticles.com/?expert=Miklos_Roth.
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