If you're faced with foreclosure, writing a hardship letter for your mortgage company will be required if you are seeking a loan modification. Remember that every bank is different and what one might consider a great hardship letter, another might throw aside and not consider. The best way to get a well written hardship letter that will grant you the loan modification you're looking for is to hire a licensed foreclosure defense attorney and determine exactly what you should and shouldn't put in your hardship letter.
However, here are some tips, should you decide to write the hardship without the help of a foreclosure attorney:
- Keep it short. Chances are the person reading the letter has dozens more on their desk with similar situations. So keep your letter short, sweet, and to the point. Your bank will appreciate this courtesy when reading your hardship letter.
- Thank your lender. Although this seems like common sense. Many forget to thank the mortgage company for their time and efforts as well as for having you as a customer. A little flattery can go a long way when asking for foreclosure help.
- Why is your situation unique. Saying you lost your job is probably not enough to get the loan modification you're looking for from your mortgage company. Use your hardship letter to explain why you are not like everyone else who is out of work or what makes your story different from others.
- Explain that the hardship is over. Just because you are out of work or struggling for money, doesn't mean that your bank will want to help you. Explain that your hardship has passed and that you are now able and willing to pay your mortgage. This will entice the mortgage company modify your loan.
- Sign and date your letter. If your letter isn't signed the mortgage company will regect it. Don't forget to write your address below your name if you are still living in the property. This will remind the bank that your home is not an investment property and that you actually live there.
Writing a hardship letter for your mortgage company isn't easy, but your bank will read it and it's a required part of the loan modification process.
The best way to get results if you're facing foreclosure is to have an attorney help you every step of the way, from loan modification to foreclosure defense. Hiring a foreclosure defense attorney might be the best option for you. A foreclosure defense attorney knows exactly what the banks are looking for from each individual case and can help you stay in your home.
