Loan Modification Hardship Letter: Short, Sweet, And To The Point

Are you hoping to take advantage of the Home Stimulus Plan assistance to avoid losing your home

? If so, there are several things you must do to qualify. The main part of the application package will hinge on a document you must submit called a loan modification hardship letter. This sounds very ominous, but, in reality, it is not so at all.

When you submit a letter to your lender, you first need to realize that you are not doing a creative writing assignment. They do not want to hear your sob story. They are looking for two factors in this document. They want to see that your financial difficulty was not your fault, but the result of circumstances beyond your control. They also want to see a good picture of your present and future stability and ability to pay the new, revised payment in the future.

Remember, this is, after all, a request for credit. Don't present yourself as such a sad case that they don't think you can make the payments in the future, even with a reduced payment. Show how you have the income to pay the revised payment, and show them how you intend to utilize the difference in your budget to move forward financially.

This loan modification letter should not exceed 1 1/2 pages. The lender is overwhelmed by applications, and they don't have time to read a novel of your experiences. Just present the facts: how you got there, and where you are going. That's it.

by: Tiffany Nelson

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