How to write a Hardship letter to Stop Foreclosure in America
A Hardship letter in America is something mortgage companies and financial institutions require for a “Work Out." A work out is a repayment or loan modifiction program for your current mortgage. This is your opportunity to appeal to your lender and ask them to give you another chance.
This letter must be honest and represent the facts clearly. It must prove to them that the situation that caused you to fall behind was/is "temporary" and that you are now in a position to make your NEW mortgage payment on time. This is where a mortgage loan modification specialist knows what to say and not to say, and how to negotiate with your lender.
You must also have a legitimate reason for falling behind on your monthly payments. A loan modification expert is skilled at negotiating with your lender, on your behalf, for such things as a "reduced" fixed interest rate on your loan, a principle reduction (a discount on your loan or payoff balance), forgiveness of all late payments, accrued fees and charges. Many times a loan modification expert can even get you an extension of the due date (number of remaining years left on your loan).
If you are in foreclosure, want to avoid foreclosure or stop foreclosure, you will want to act now. The goal of a hardship letter is to help you SAVE your Home from foreclosure and bankruptcy. It also will help SAVE your credit too, and get you a monthly mortgage payment that "you can afford" each month.
Because time is not on your side, it may be in your best interest to pay a loan modification specialist to do this for you. Contact the Foreclosure Help Center and learn how to stop foreclosure on your home. There is no fee or cost for you to listen and learn. Remember, no matter how late you are on your payments, an expert can help you save your home from foreclosure. Request a FREE Foreclosure consultation today.
If you wish to attempt writing your own letter, here is a what you need to include in your hardship letter to stop foreclosure in America:
Name: (Your Name)Address: (Your Address)
Mortgage Co: (Mort. Co.) Loan No: (your Loan Number)
A Request for review (ask your financial situation to see if you qualify for a workout option).
Explain why you are having problems making your monthly payments i.e.:
Unemployment
Reduced Income due to job demotion or transfer
Divorce or Separation
Excessive Medical Bills
Too Much Debt
Death of Spouse
Death of a family member
Your interest rate and monthly payment increased
Business Failure
Job Relocation
Major Illness or disease
Unexpected Property expenses
Military Service
Incarceration
There are more good reasons tooMake sure to state when the above happened ?
Give an account of the situation (explain your situation in detail)
A declaration statement is also necessary. This should state that the information provided above is true and correct to the best of your knowledge.
Don't forget your Signature / Date
Your Co-Borrower’s Signature / Date
We are dedicated to Home OWNERSHIP and to helping you save your credit, family, dignity and community in America. Our goal is to educate you on available options, so that you can save your home from Foreclosure.
Remember... a hardship letter is just one piece of the workout puzzle. You need to meet other criteria for your mortgage company to approve you for a workout, too. If you don't know where to start, Contact the Foreclosure Help Center. A consultation with a loan modification and foreclosure specialist is absolutely Free. Ask all the questions you want, so that you can learn all that you can, then decide which way to go - on your own, or with an expert. Request a FREE Foreclosure consultation today.
There is nothing wrong with spending money on worthwhile services that SAVE you and your family time and heartache. The important thing is to stay focused on your main objective at all times, and that is saving your home and credit from foreclosure and bankruptcy.
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