Loan Modification Hardship – How To Write A Loan Modification Hardship Letter
One feature of the current economic depression on most people is the fact that people who have fallen behind on their mortgage payments are sometimes compelled to write loan modification hardship letters to mortgage companies. The purpose of this letter is to explain the current circumstances of the person who has taken out a mortgage and ask for more time so that the payments can be continued at a later date. In some cases, the person writing the letter may even ask for a review of the terms if it is possible.
Features of the Loan Modification Hardship Letter:
The letter from the home owner to the mortgage company must contain certain features in other to be really effective. In the first place, it should be short and straight to the point. It should also contain all the relevant information that should make the mortgage company give a favorable response.
These include the current financial situation of the home owner, the terms under which the loan was taken and the present predicament of the home owner. The letter should also contain the new terms that the person writing the letter is asking for. All these should be expressed politely but firmly for best results.
It is also important to point out here that in writing this letter, the home owner is seeking a favorable response. For this reason, it will make sense to state reasons that will make sense to the recipient of the letter. The person writing the letter should avoid including information which may be considered frivolous.
Finally, the loan modification hardship letter must be written with a combination of good sense, sincerity and politeness. This is how to ensure that the letter will have the desired effect on the person to whom it is addressed.