Hardship Letter To Mortgage Company Tips
Hardship letter to mortgage company tips must include why you are deserving of help, how much income you have and all the paperwork proving what you are saying. A hardship letter is not just for short sales; it is also submitted for loan modifications. All lenders require seeing a hardship letter from you personally and should be handwritten. These tips will teach you how to write an acceptable hardship letter to your mortgage company.
In order to write a hardship letter to a mortgage company, you will need:
- Information on the loan, account number, your name and address
- Proof of employment or lack of employment
- A pen to hand write the letter, never a pencil
- To write a letter that is cordial, not accusing
- What is a Hardship Letter to Mortgage Company? A hardship letter to a mortgage company is a letter written out explaining fully about what has happened to you. It should include many aspects of your condition and detail what you have done to rectify the condition, if any.
- Identify Yourself. When writing your hardship letter to the mortgage company, make sure to identify yourself and the loan. Never assume they know who you are. List the loan number, your name and address, loan balance if applicable and any co-borrowers on the loan. You will save yourself and the lender time in searching to see who you are and the details about your account.
- Handwrite the Hardship Letter. It is always suggested to write the letter in longhand to show the letter actually came from you and not some pre-printed letter off the internet. The letter should be genuine and heartfelt. The handwritten hardship letter should show sincere remorse also. A hardship letter that is cold and shows no remorse is “of no value whatsoever!”
- Why Are You Requesting Help? Whether you are writing to request a short sale, loan modification or delay in payment, you must state why you need help. It is not a time to be private; it is a time to tell enough information to get your request granted. It is a time to write specific details that help your case.
- Don’t Tell Too Much. It is important to hand write the letter and it is important to give a reason why you need help, but it is not a time to tell too much. Do not disclose if you have an Aunt Faye with five Ethan Allen Galleries. Do not tell of an upcoming inheritance and do not tell that you have hopes of a new woman in your life that has millions in the bank. Be kind and remorseful, but do not tell too much. Why? Because if you have to apply for a short sale, the sale may be declined if the bank feels you have other assets.
- The Proof is in the Pudding. You will need to prove what you are claiming in your hardship letter to the mortgage company. These tips must include documentation requirements. You will need to show pay stubs, checking account statements and loss of income which you claim in your hardship letter to the mortgage company. Make sure to give dates also. Tell the exact date the hardship occurred.
- Reasons Why a Hardship is Granted. The main reasons for a hardship letter in the first place is: divorce, death, loss of job and medical bills. Prices dropping in your area is not a reason for a hardship letter. A hardship letter to the mortgage company would be needed if you have a second trust deed that just has raised their interest rate 5 percent, thus causing you not to be able to afford your payments anymore.
- Ending the Hardship Letter to the Mortgage Company. Always end your letter cordially. State that you appreciate their time and you anxiously await a response. Never be demanding and never ever use foul language. Never scream in your letter by using capitals such as “I DEMAND A REPLY TODAY!”