Sample Hardship Letter to Mortgage Company is a letter which is written to any mortgage company describing the event that inhibits you from paying your mortgage. It is the written explanation which describes the situation which no longer allows you to afford mortgage payments. This letter tells about the happenings of your life and issues that caused you to fail from meeting your financial obligations. It describes all the reason that has made your payments unaffordable. A effective hardship letter makes a plea to mortgage company or a bank to accept short sale which is less payment than the full amount.
Things to keep in mind while making a Sample hardship letter to mortgage company:
- 1. It should be precise, to the point and short.
- 2. Not more than two pages should be written to convey your message.
- 3. Mitigation employee are very busy and back logged so you should keep in mind that the letter composed for your lender is due to foreclosure crisis; therefore you should not write a book.
- 4. It should be unique according to the situation.
- 5. It should be written professionally.
During the loan workout process the lenders consider the following criteria:
- Failed business.
- Reduced income.
- Loss of job.
- Illness.
- Adjustable rate mortgage reset.
- Damage to property during natural calamities and disasters.
- Medical bills.
- Military duty.
- Marital separation.
- Divorce.
- Incarceration.
- Death.
- Death of co-borrower or spouse.
- Job relocation.
- Others (specify).
These are the things your lender is looking for n your hardship letter. It helps you avoid foreclosure and is the main key in providing you with loan.
Here is an example of Sample hardship letter to mortgage company:
Your name:
Your address:
Lender’s name:
Your loan:
Person concerned:
This is to inform about my circumstances that has caused crisis in our life making us incapable of paying out mortgage. Needless to say that we have tried our best to gather the funds but unfortunately we were not competent enough to do so and would appreciate it if you can help us modify our loan. The main priority is to keep out home and would not like to miss this opportunity.
The main reason for our crisis is (reason should be included in short). Our income is not enough to pay off the amount owed from the lender. Our intention is pure and clear to pay. We are turning for your help because all out resources and income has been exhausted. (The hardship period is temporary or permanent should be mentioned.)
Our situation is better than before but with your help loan modification will benefit us. We would be highly obliged if you will work with us to pay our debts and save our home.
Looking forward for your positive response and hoping this to get settled as soon as possible.
Yours’ Sincerely:
Your Signature:
Date:
Signature of Co- borrower:
Date:
This Sample of Hardship Letter to Mortgage Company should provide strong base and enable you to convince Mortgage Company to agree for a loan modification. It is a very critical document to stop foreclosure.