Hardship Letter For Loan Modification - The 3 Trigger Phrases You Need to Use For Qualifying

Author : Susan V. Gregory

When writing your hardship letter for loan modification make sure you include the key phrases your lender needs to see. These "trigger" phrases tell your bank immediately that you are a good candidate for a loan workout. Remember, a loan modification is not something your bank is required to give you-they will only consider modifying your loan terms if you can prove to them that you are a deserving and qualified borrower.

Here is one of those important phrases you should include in your hardship letter for a loan modification. You don't have to write it this way verbatim, but the general idea is, "I am at imminent risk of default if I do not receive some assistance". This tells the bank that foreclosure is knocking on your door and if they don't provide some kind of relief you may lose your home. This is very important if you are not yet delinquent, but facing the prospect of a higher mortgage payment due to interest rate reset, or perhaps the loss of income.

One other key element in your hardship letter for loan modification is the reason you can no longer afford your monthly mortgage payment. These phrases concisely explain that: "reduction in income", "loss of employment", "increased expenses", and then you can go into some short details about what happened to you. You don't want to go on and on-the counselor does not have time and will not read it anyway! That is why it is important to use these trigger phrases in your letter.

Perhaps you have been "depleting your reserves, savings accounts, borrowing from retirement accounts, to meet your monthly expenses", that is the sign of a hardship situation. Also, if you are "using credit cards to pay daily living expenses"-again, more evidence of an acceptable financial hardship situation for your letter. The main criteria is to present your situation honestly and be able to backup your story. Not every homeowner can or should get a loan modification. But if you are in a desperate situation and have no other options, you really need to work hard, learn the process and submit your own application to your lender.

You can get the help you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to apply and qualify for the Obama federal program too. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at:
http://www.myloanmodificationcenter.com

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