Hardship Letter for Mortgage Reduction

Financial trouble not only eats away at a person’s spirit, it affects those around him or her is much the same way. Loss of a job, a raise in the interest rates or other unexpected financial burdens can make it difficult to come up with the monthly payments. This is why it is important to know that you can write a hardship letter for your mortgage lender, a simple document that can help you out of this predicament

A bad financial situation doesn’t just happen. It can take one large bad break or a combination of smaller financial setbacks but it always ends up to one thing: there’s not enough money left to pay the mortgage. The good news is that lenders want to know about your situation. In fact they want to help you stay in your home. And to help them with this process you need to

write a hardship letter describing your mortgage situation.

When writing the hardship letter, the mortgage problem should some first because, for the majority of people, it is the largest financial burden. To deal with yours and other peoples’ situations the lenders will have loss mitigators. These people are not in collections and so have no agenda to harass you about your financial situation. They are there to help you sort out your financial problems so that you can become a paying customer again.

A loss mitigator wants to know about your family and your plans for the future. Therefore the financial hardship letter concerning your mortgage should contain areas that deal with your family and how they need to stay in the home. This person should know that losing your house will not only deprive your family of

a roof over their heads but that moving away from their friends, activities and schools might have lasting effects on them.

Here are some points to make in your hardship letter

1. Use the Subject Line to Get your Point Across: The subject line instantly lets the loss mitigator know why you are writing this letter.

2. Keep it Brief: This is not the time to tell your life story. Keep to the point. Let the loss mitigator know your problem and how you think that the lender can help you fix it.

3. Be Personal: The person reading the letter has to get to know you and your family so get this across. This attention to the personalization of your problem will set you apart from the other cases. In fact the loss mitigator may actually pay more attention to you because of this connection.

4. Clarity: Your hardship letter for mortgage relief should be written in brief, concise paragraphs with a summary.

5. Information: Your financial hardship package should be accompanied by other important information: bank statements, cash flow documents, income tax statements, and letters of reference.

6. Gratitude: State how appreciative you are that you have been given the chance to convey your situation to someone who is willing to listen. Because this person is willing to help the hardship letter for your mortgage should be humble in tone.

The financial hardship letter for your mortgage may be the single most important letter you will ever write. So get a sample hardship letter dealing with a mortgage and do it the right way.