Home foreclosure is one of the most traumatic experiences a person can ever go through next to a death of a loved one. However, lenders do not want a foreclosure either and so they use it as a last resort. The reason for this is that besides the loss of capital from the borrower, lenders will have to pay thousands of dollars in legal and service fees to a home into foreclosure.They also will have an empty home that is going to cost a lot more to keep up including insurance, maintenance, security and real estate advertising. Thus, if a borrower is in financial trouble, a good hardship letter to the lender can mean a loan modification for their home. All this starts with Sample Hardship Letter.
Hardship letter is one of the most important instruments for loan modification, and if this is so, then the borrower in question must study letter samples. So, if your mortgage payments are behind, then most banks and other lending institutions will now appoint a loan litigator to deal with you. You will be requested to submit a package to this person for a loan modification application. The leading edge of this package is the financial hardship letter explaining how you came into this situation including loss of job, death in the family, sickness. Your letter is an organized journal of your financial and life problems that led you to be in arrears with your mortgage. This will help the lender to see how to help you to get back on track. If you want to write a good letter, you should star with good hardship letter samples.
The loan litigator will then read the loan modification package that includes the hardship financial letter. Inside the kids here are financial statements, bank account information, pay stubs, etc. The most important item is the financial letter because this is your sales pitch to the loan litigator. And like all good sales pitches you need a guide to follow. Hardship letter samples are the best templates to follow.
You should not call the loss litigator on the phone since they may not have time to answer you. It may also be confusing to both of you because you may not have all your facts sorted out. This is where the hardship letter samples really help you. If you want to read more ways on how to make a Hardship Letter, check out https://www.youtube.com/watch?v=zMJloMKo2c8.
You can include the following items in your hardship letter: loss of job, family illness, adjustable rate mortgage reset, incarceration, change of income downward, a relocation of work, medical bills, death of a spouse or a household contributor, failure of business, and others.
Hardship letter samples at http://samplehardshipletter.org/ will help you see what successful applicants have written and provide a path for your application.