How to Write a Mortgage Hardship Letter

If you are behind on your mortgage and you want to keep your home or salvage your credit. The most important thing is to stay in touch with the lender. So many loans are going bad the bank can not afford to take your home unless they have to. Ask them for a loan modification.

Things You'll Need

• You need a plan. Understand what some of the options the bank may offer you. Forbarence agreement, freeze or roll back rate, add defaulted payments to end of loan they may even forgive some fees.

Instructions

1. Call your lender and explain your situation. Ask for a loan modification and be sure to follow and document the steps they require.
   Most banks want a Hardship Letter and other documents such as bank statements tax returns what ever they ask move quickly because the foreclosure clock is running. You need to continue making payments while they are working on the modification.

2. The structure of your letter is simple. Include your name address and loan number. Tell them why you are behind in your payments. Include specific information like dates of illness or unemployment. If you had to do home repairs or even car repairs be prepared to provide documentation. The next section of your letter you tell them how things have improved or how a rate reduction will allow you to keep your home. One way or the other spell out for them how with a little help you can become a good on time paying customer. Remember it is better for them to help you than take your home. You have to make it easy for them to say yes.

3. Follow up stay in contact with your lender. Know the person that is working on your file name. Don't become a pain but touch base with them and always ask for the time frame. This is a time to be very nice thank them for their help and ask them if there is any thing you can do to move the process along. Make payments as you can do everything you can to keep it out of their foreclosure department. Once the legal fees start it makes it a lot harder to cure the problem. I have helped a lot of people save their homes. I know that if you are reading this things seem bleak but trust me you will get through it. I also know because I have been there to. God's blessings require your participation.

Tips & Warnings

• Talk to your lender. Always take their calls. Always open their mail what looks like a regular statement may be a intention to accelerate your loan. When you stop talking to them it scares your lender. Did I say stay in contact with your lender.

• If your are searching for this information then it is time for you to take action. Talk to your lender find out what your options are. If you do not it may cost you your home.