Any other options you can supply would be greatly valued. If it be feasible to get my present adjustable rate mortgage? If that is impossible can the next rate change be postponed to a future date to enable me to refinance. Hopefully there’s another method to renegotiate the conditions of my present mortgage, help stop foreclosure on my house and to prevent default. 2016.Īfter looking over my current income, there will probably not be any way I can manage the increased payments to come. I’ve a 3 year fixed rate that is now flexible and is schedule to correct again in Feb. To: Countrywide Mortgage Account # 00089942567īecause of the recent adjustment to the mortgage I now have with your organization, I’m finding it very hard to manage the brand new payment. We genuinely expect we’re dying to get this settled so we can proceed and you will consider working with us. We’d appreciate if you’re able to work with us to payment so we are able to keep our house as well as manage to make amends with your company and or lower or delinquent amount. Our scenario has gotten better because (reason here) and we believe that a loan modification would help us both. (The approximate date of adversity and we consider our scenario is Temporary or will be Long-Term.) But at this time we’ve exhausted all our income and resources so we’re turning to you for assistance. Now, it is to the stage where we cannot actually afford to pay what’s owed to (lender). Shortly after being late and our income not being enough to support our monthly payments, we’d dropped further and further behind. The main reason that caused us to be late is (insert cause here and do not be overly drawn-out and long winded). Our number one aim will be to maintain our house and we’d truly value the chance to do that. We’ve done everything in our capacity to make ends meet, but sadly we’ve fallen short and also would like you to consider working with us to change our loan. I’m writing this letter to explain my unfortunate list of conditions that have caused us to become delinquent on our mortgage. Don’t forget to compose with the best of your skills and keep a respectful and courteous tone. The hardship letter is an important start to saving your house and becoming qualified for a loan modification. There are several nerve-racking and more procedures hours you have to go through with your lender to be able to get this done.ĭon’t forget to spend time to reason your hardship letter with a friendly not in the ending. Below is a fundamental example of how the letter should be written by you.ĭon’t forget your hardship letter is just one bit of the loan modification procedure, but essential in assisting you to prevent foreclosure. When you do potential research, assess your position and put down any notes on paper, it is time to compose the letter. Damage to Property (natural disaster or abnormal).Adjustable Rate Mortgage Reset- Payment Stock (unusual, but we’ll find more lenders take this in the future).Here is an example record of adversities that lenders consider during the loan workout procedure: The outcome for lying about your scenario in your hardship letter may result in mechanically being denied.
Keep in mind your lender will run your credit report additionally request all of your financial advice too and to discover all of the debts you have got, so remember to be as true as possible. The hardship letter is your support to your lender making them know you are able to maintain your house, but only not under your present loan you’re in. Keep your fiscal scenario brief, perhaps 2 1/2 to 3 pages at the very. Thus make sure when developing your letter, not to write a novel. Remember the person who reads your letter likely has many other customers they’re working with, possibly by the tons. This bit of info is necessary that you have some chance in stopping your foreclosure. A hardship letter is fundamentally a letter you write to your lender describing the scenario you’re in and you’ve defaulted in your mortgage. Mortgage Modification Hardship Letter – Word DocumentĪmong the things your lender will ask for you to supply during the loan workout procedure is a loan modification hardship letter. Write A Loan Modification Hardship Letter With Samples