""Some homeowners know that a hardship letter is a required""

By: krishankant


Just because your lender is demanding money from you, does not mean that your lender wants to see you fail. Learn to write a mortgage modification hardship letter in order to succeed in writing this very important part of your home loan modification application.

Some homeowners know that a hardship letter is a required part of the modification application process but they do not understand its importance and neglect to write one. In fact, this letter is equal in importance to the application itself. The letter accelerates the application process and can even be the single deciding factor. Do not underestimate the influence of the home loan modification hardship letter. As this letter is so difficult and confusing for homeowners, I have written this mortgage modification hardship letter tutorial that will help everyone write this letter.

Do not think of this letter as a way to let your lender know how angry or dissatisfied you are with you lender. A hardship letter is meant to explain why you are having a hard time paying your monthly mortgage payments and convince the lender that you must have a loan modification. Lenders will accept a variety of reasons for troubled circumstances:
* An increase in interest rates
* A death in the family
* A failed business
* Divorce
* Illness and medical bills
* Job loss or reduced income
* A demotion

Lenders know that life is not always predictable and that things happen that cannot be controlled, but they need to know your story or they will not approve your application for a modification. However, don't forget that lying on the application is not going to help you, only further hinder your chances for help.

If you are reading this article, you probably already know a bit about mortgage modification and have done some research. Most articles will not address the issue of your financial future, but it is very important that you consider this topic. You financial future will largely determine if your application will be granted.

Lenders do lose money when they approve a modification so they need to know that when they lower your rate, they are going to benefit in the long run. You might not have much to offer right now, but try to write about possible future opportunities that could improve your financial future. This could include a raise, a job, a business on the side, a new roommate.... There are lots of ways to show your lender you are committed to making more money in the future. Include this in your letter.

Overall, make sure your hardship letter outlines why you have defaulted on your payments, write about any circumstances that are unique to your situation and request an interest rate that will help you. Include the rational for requesting this rate and how you plan to pay your new payments. If you remember these points, you can write a convincing letter.

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