Author : Jason Witts
These days so many people have suffered changes in their financial situation. If you've lost your job, had your hours and pay cut drastically, have a huge credit card debt because of trying to pay your bills, or have had a medical emergency, you may find yourself unable to make your mortgage payments. You don't want to lose your house, but you know the monthly payment has to be reduced or that will happen. That's when you may find yourself needing to know how to write a convincing hardship letter for a mortgage modification.
Here are some pointers
Mortgage companies do sometimes make allowances for people and can offer to revise the terms of the loan. They have the power to do whatever they want to do, but they will have to be convinced by what you say to them in your letter.
First make sure you have found the name and address of a reputable officer of the company. You can often find this information on line. If you can't and if the company has a brick and mortar real building headquarters call the company and find the name of someone to whom this letter can be addressed. It's best not to send a general "to whom it may concern" letter.
Then you must state your case in a clear and concise manner. Depending on how the company is run, send your letter via email or by US mail, or perhaps send a copy both ways. In either case, use good English grammar and use spell-check to make sure your spelling is accurate. The appearance of your letter will count to your credibility.
In your letter, refer to your credit history in general and to your history with the mortgage company, especially if it is a good one. If you've made your mortgage payments religiously every month, be sure to stress that. If you've been late in previous years, hopefully only once or twice, acknowledge that and give the reason why. State why it is now that you feel you can't make your mortgage payments. Tell the person if you've lost your job or if your hours have been cut or if you've just suffered a medical setback that's eaten up your savings. Don't whine, but don't hide the facts, either. Tell them if you have children or other family members living with you. Stress that you are willing work with the company to find a solution that works both parties.
You want to make payments; you just can't afford them at the amount that's been set. Tell the company how long you think this scenario might last. Tell the person you're writing to how much you could reasonably afford per month at the moment and ask if it's possible to modify the mortgage payment amount for at least a while. Once again, reiterate the fact that you're willing to work with the company and are willing to agree on another solution. It doesn't help the mortgage company if you don't pay anything at all. They really do want to work with you if that's at all possible.
So when you're experiencing difficulty in paying, try the above tips for how to write a convincing hardship letter for a mortgage modification.
For detailed information on How to Write a letter of hardship, visit MortgageModificationTips.com
Article Source: http://EzineArticles.com/?expert=Jason_Witts .
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