Senin, 08 Februari 2010

Loan Modification Hardship Letter

Loan Modification Hardship Letter

When you go for the loan modification process, the first thing your lender (The Bank) will ask from you is the hardship letter. Well, a hardship letter is just like a 1 or maximum 2 page of your short biography. Means which kind of hardship you suffer from and which event in your life forced you to go for loan modification.

Writing a successful hardship letter is an art. Well, your lender don’t want a long 100 pages book of hardship in your life. Most of the people do the commonest mistake and that is they write a long long hardship letter. Well, honestly speaking, this doesn’t work. You should write very short, clear and to the point that which kind of hardship you suffer from.

Here is an example list of hardships that lenders consider during the loan workout process:

  • Adjustable Rate Mortgage Reset- Payment Scock (uncommon, but we will see more lenders accept this in the future)
  • Illness
  • Loss of Job
  • Reduced Income
  • Failed Business
  • Job Relocation
  • Death of Spouse or C0-Borrower
  • Death
  • Incarceration
  • Divorce
  • Marital Separation
  • Military Duty
  • Reduced Income
  • Medical Bills
  • Damage to Property (natural disaster or unnatural)
  • Other (Please Specify)

Writing a hardship letter is an art. And not only this but over all Loan modification process is an art. It requires thorough knowledge of all the paperwork and the documentations that required for this process. Most of the people don’t know these things and that’s why they higher the agents. But well, there are lots of scams. Agents will charge you thousands of dollars for this process and do nothing for you.

Rather than that I suggest you to buy a 60-Minute Loan Modification Workbook in the PDF form from California based Mike Rockwood. Mike had saved his 5 mortgage properties himself by going for a loan modification process just few years back and his loan modification strategies really work. You can do it yourself also. His workbook includes everything about it. So go for it and learn how to write a hardship letter and everything else for the loan modification process.

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