Loss Mitigation Hardship Letter

Loss Mitigation Hardship Letter

Loss Mitigation Hardship Letter

A loss mitigation hardship letter is very important when trying to get a house loan modification. If you have experienced a financial hardship then your first thought may be to lie low and hope no one finds out. But hope isn’t going to help you in this situation. It will only make things worse. In this article I will explain why it is so important to write this letter. A loss mitigation letter for a loan modification should contain three key elements. The first thing to include should be the reason why you have fallen on hard times. You must be able to prove that you have been affected by a change in circumstances that has caused you to become unable to pay your mortgage.

how to write a Loss Mitigation Hardship Letter

The second part of this letter should briefly outline any other financial issues you may have. This may include any debts or late payments that have put you behind. You also need to explain how this affects your ability to pay your mortgage. The last part of your hardship letter should briefly outline any other issues that may need to be brought up during the loan modification process. There are many good templates available on the internet that can help you write a compelling letter. However, bear in mind that each lender is different. Each will be a bit stricter with their guidelines and they will require a different set of details for your letter.

In order to increase your chance of success with your request for a loan modification, you should try to follow the steps outlined above. Be honest with your lender and do not embellish your documentation. Do your best to stay on top of your mortgage. A good record is the first step in convincing any lender to work with you. Your letter is an important tool in your attempt to win your house back. This is why it is so important to spend some quality time writing a solid, accurate, and professional hardship letter. Even if your letter is not accepted, at least your effort will go down as a loss mitigation letter. Hopefully your letter will make the difference between having your foreclosure stopped and losing your home to foreclosure.

It is up to you to determine how much time you want to spend writing the letter. An effective letter should be submitted to your lender within about sixty days after your house has been served with a Notice of Default. The time limits vary from state to state, so check with your local courthouse. Don’t waste your time. Write a great loss mitigation hardship letter. Your hardship letter will be worth it when it saves your home. Contact a loss mitigation specialist to help you write the perfect letter now.

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