Home Loan Modification Hardship Letter Writing Tips
Banks seem to be quick to deny a borrower’s loan modification request according to recent comments from applicants, which can lead to foreclosure .
One of the important documents you must include in your loan modification request package is a hardship letter. Make sure you write your hardship letter correctly to prevent being denied based on a poorly written letter .
Many borrowers get excessively nervous about writing their hardship letter because they think it has to be a big essay.
Really, the hardship letter is simply a tool the bank or loan servicer will use to quickly pass your home loan modification application up the chain of command or to put it in the rejection pile and move on if yours is a mess.
It should only take you 10-15 minutes to write your hardship and just get right to the point.
Follow these Do’s and Don’ts for hardship letters:
1. DO this quickly. You should be able to write it in 60 minutes or less.
2. Do NOT try to be poetic or literary. Write in plain spoken language.
3. DO hand write, or at least hand sign and date your letter. This is a more personal touch that works well.
4. Do NOT ask for a specific interest rate, that’s not how it works. Instead, you need to ask for a specific, ideal monthly payment and let the bank do the math.
5. DO include hardship details like illness, loss of your income source(s) , or death in the family
6. Do NOT include every bad thing that happened to you in the past year
7. DO write only one page at the most
Follow these writing guidelines for your hardship letter and it will guarantee that your home loan modification request package will past the “gatekeeper” and up to the next step in the loan modification approval process.
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