Your Hardship Letter is a crucial aspect of your ability to Obtain a Loan Modification
Your hardship letter is one of the most important aspects of your efforts to make home affordable by obtaining a mortgage modification or other mortgage solution from your lender.
Communicating Hardship to Your Lender is Key
Your lender will not even consider lowering your monthly mortgage payment, modifying your mortgage, granting forbearance, or any other like activity until they know that you are experiencing a financial hardship that will prevent you from paying the monthly mortgage installments.
If you are looking for a mortgage solution that allows you to make home affordable then you need to write and submit a hardship letter to your mortgage lender. No hardship letter no loan modification.
The hardship letter is what starts the process of obtaining a loan modification. The loss mitigation specialists of your mortgage lender must feel that you have indeed incurred a hardship that prevents you from paying the full amount of your mortgage payment. If this hardship is not determined to be legitimate by your lender then you will not even be considered. The show will stop there.
This is an excellent reason to put extreme care and consideration into what and how you claim hardship.
What does that mean?
First of all you want to make sure that you have been hit by a legitimate financial hardship. This means that you can't say that you did not like your boss and quit thus you have no income. This will not work. Now if you were laid off because of budget cuts and have yet to find other employment then you will have a legitimate hardship in the eyes of your lender.
Now that you have a legitimate hardship that through no fault of your own has caused you to become unable to pay the mortgage payments you need to communicate this tragic hardship news to your mortgage lender. To do this you need to write a hardship letter describing the events and the exact nature of your financial hardship.
When you write this hardship letter you need to use a professional format, a professional language, and a professional tone. If you are well versed in the party to party language used in business communications then this should not be a hard task. However not all of us need to use the self righteous ways of white collared working professionals. If you don't write these sort of letters on a regular basis then it would be a good decision to get some hardship letter help.
You may have a friend, family member, or a co-worker whom knows more about these things. If this is the case ask them to help. If you are rolling your eyes as you read this than perhaps you can just do a little research. You can find a hardship letter template.
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