The following are the lenders qualifications to modify your loan. Most borrowers will meet these requirements. Keep them in your mind, when speaking to the lender.
o Commitment to the Lender
o Commitment to the house
o Ability to pay (the most important requirement)
A great hardship letter must be included in your loan modification package to the lender, before the lender will even consider stopping your foreclosure.
The hardship letter must include the loan number, primary cause of default and a detailed summary of what caused the hardship that allowed you to become defaulted in your mortgage, and your current ability to pay the mortgage.
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An example of all of the elements needed in a compelling Hardship letter includes:
Loan No. _______________
HARDSHIP LETTER:
What is the primary cause of your default? (Check all of those that apply)
[ ] Death/Illness of Mortgagor
[ ] Death in Family
[ ] Marital Difficulties
[ ] Property Problems
[ ] Reduction of Income
[ ] Excessive Obligations
[ ] Employment Transfer
[ ] Unemployment
[ ] Inability to Rent
[ ] Inability to Sell
[ ] Military Service
[ ] Business Failure
[ ] Reduction of Income
[ ] Fraud
[ ] Payment Adjustment
[ ] Payment Dispute
[ ] Other ________________________________________________
Please take a few minutes to briefly state below what hardship or difficulties have occurred that caused you to default on your mortgage. If a series of events brought about this financial crisis then begin with the first event and explain how this series of events combined to create the default. Be aware that without fully understanding your hardship, the lender may not be able to help you.
Where possible, please provide support for the hardship (i.e., unemployment paperwork, separation agreement). Should you need more space to write, please attach additional pages. It is important that this letter convey what caused you to fall behind on your mortgage payments.
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