How to Get Mortgage Refinancing With a Hardship Letter
Often times help is just "a little knowledge" away. That means 1) you have to know help is available and 2) how to get it. One way to stop foreclosure is home refinancing. If your mortgage lender requires a "hardship letter", read this article to find out how to write it.
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Instructions
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Jot down steps that brought you to your hardship.
Various events causes hardship and mortgage lenders are willing to help with home refinancing if they are given a good reason. That reason however must be delivered in a manner that shows you are a responsible person that simply fell on hard times. Jot down timelines and events leading up to your hardship.
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Create your letter.
More often than not, several events occurring one after another will place you in financial distress. Some of the most common occurrences include 1) divorce, 2) illness leading to high medical bills and inability to work, 3) loss of job, 4) military deployment, 5) reduced income (only one person working when originally there wee two incomes), 6) death, 7) marital separation, or 8) becoming a caregiver or taking on additional family members. Your mortgage lender should be told this.
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Keep it brief.
Remember to keep the letter brief and to the point. You don't want the recipient to lose sight of why you need help.
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Right passionately, but honestly.
This is your show and the letter you construct could either help you get your mortgage refinancing or not. This letter is considered by some as the most compelling piece of evidence you can give your lender. Explain why you can't meet your current responsibilities and why you're asking them to help you get to the point where you can meet your obligations. Don't lie (because they can find out), but do be clear, convincing and brief.
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Sample letter.
See resource section below for samples of "hardship letters" and other information to help with filing for your mortgage refinancing.
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Tips & Warnings
See resource section for more great information about saving your home with HOPE for Homeowners.
Contact your bank or mortgage lender and discuss your options.
Resources
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Comments
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"Right passionately. but" CORRECTLY.
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Sarah Wilson CCRP
Sep 13, 2008
Thanks, Thims. That means a lot to me coming from you because of your experience. :-) -
Thims
Sep 13, 2008
As a banker I have to say this is a very informative article. Good job! I review some of these.
