Home Affordable Modification Program Guidelines Part 1 How to write your hardship

Home Affordable Modification Program Guidelines Part 1 How to write your hardship

These series of articles will walk you through step by step what you need to know to apply for a loan modification under the government's Home Affordable Modification Program HAMP.

Hardship letter guidelines: Below you will find exactly what the program considers a hardship.

Hardship Affidavit / letter

The RMA or Request for Modification Affidavit form is the government's form to request a loan modification. Included in this form is a hardship affidavit, (see our resource guide on our website). If you are requesting a loan modification regardless of how far behind you are you will need to sign and date a hardship letter or the hardship affidavit. Below is a list of what should be included in your letter.

You cannot continue making full mortgage payments

A reduction in or loss of income that was supporting the mortgage; (ex: lost hours at work)

A change in household financial circumstances; (ex: loss of income of spouse)

A recent or upcoming increase in the monthly mortgage payment; (ex: arm)

An increase in other expenses; (ex: child support, alimony,

No more than 1 page in length

Start date of when hardship started and expected date when it may end

Other reasons for hardship detailed by you. (ex: birth of a child)

You must also show a lack of cash reserves (savings), this would include: savings account, money market funds, stocks, bonds, retirement account. If you have more than enough cash reserves to support you for 3 months including your other basic household expenses and 3 months of principal and interest you may not qualify for the Home Affordable Modification Program.

This form does not need to be notarized but must be signed and dated by all parties on the mortgage.

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