Ways to write a hardship letter for a loan modification

The loan modification process is not as difficult as most people think because many people don’t know if the lender will guarantee their application or not, they stay away from writing. Below I have listed guaranteed easy loan modification penciled ways.

Write a Loan Modification Hardship Letter: Your lender needs to be officially notified that you are having financial problems, and there is no other convenient way to do that than to write a Loan Modification Hardship Letter. This letter is not as hard as people have imagined, it’s not rocket science, even a schoolboy can do it, as far as you can read and write you can write this letter. In the letter, explain to your lender why you need their help, what led to the distress, your plans to get out of it. If it’s temporary let them know, like if you’re not engaged and there’s hope for another job, if there’s a one-time expense to solve an urgent problem or raise your mortgage rates relate it to them, because they are all considered financially acceptable problems.

Calculate your debt-to-income ratio and present it to your lender. It is acceptable that your monthly payback should not exceed your monthly income by 31%. For example, if your net income is $10,000, your monthly mortgage payment should be no more than $3,100 if you need a loan modification.

Let them know how much you value your home. Prove to your lender that you value your home and don’t want to lose it in foreclosure. If you can show them that your home is equal to or less than the value of your current loan, they will automatically make a loan modification.

Follow them. After all these, you must be determined and pursue them. It is not necessary for you to wait for them to call you, but to call to show how serious you are. Be persistent while being prepared, if something is missing from your file, have it ready on time, in case of rejection, keep track of every letter and phone call you have with your lender.

Don’t give up because determination will win the race for you.