Financial Hardship Letter – How To Write An Effective One That Works With Any Lender
When dealing with a foreclosure or pre-foreclosure the document that holds the most weight and importance is the “financial hardship letter”. It is by far the most important item that you will forward to your lender. Your hardship letter is necessary to create since you would like the lender to grant a loan modification, short sale, a deed in lieu of foreclosure or to work with you on some type of solution other than foreclose on your property.
In order to obtain the cooperation of the lender, your hardship letter acts to inform the bank of your desperate financial condition. It is also your main tool in asking the lender to consider your plea for help.
Your hardship letter must emphatically and in no uncertain terms communicate your insistence that the lender must help you!
It is best to determine what type of foreclosure or other solution that you are seeking before you attempt to write the hardship letter. There are a number of ways to prevent foreclosure – in some cases you may stay in your home and in others you must leave. You must research the various foreclosure solutions and decide how you would like to proceed and what outcome you would like.
Hardship letters are most effective when they are written in a personal tone which outlines your depressing situation. A sample of items to discuss in the hardship letter are things like how it occurred and how you plan on solving your financial situation. Honest reasons for lack of funds should be discussed. Mention loss of job, having two mortgage payments due to relocation, starting a new lower paying job or a critical health problem accompanied by high medical bills. Whatever reason you include it must be a legitimate reason.
It is important not to be embarrassed when describing your situation. Always remember that distressing financial conditions and hardships can and will happen to anyone, from all walks of life, and no matter what your social status may be.
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