A home loan modification is a good way to save your home from foreclosure, especially for homeowners who are unable to refinance. A letter of financial hardship, which should be turned in with your application, is a very important step in getting approved. A lot of times, homeowners are turned down for a home loan modification, due to a bad letter of financial hardship.
A letter of financial hardship should have the details of your finances, the problems your facing, and to show them that a mortgage modification would be the best way to ensure you can continue to pay it. Mortgage lenders and banks want to know that you are ready to get your finances in order, and keeping your home is at the top of the priority list.
Your mortgage lender will need to know the details of your financial problems, but keep to the basics. Be sincere and get to the point. Being focused and serious when writing this letter is typically much better than whining, or writing a tear inducing letter. Honesty is the best policy, and be sure to reinforce how important it is to you that you are able to keep your home, and make sure that the mortgage lender or bank understands that a home loan modification is the best way to do that. The mortgage lender or bank must be convinced that you will not default or face or closure on your home ever again, especially after a home mortgage modification.
Mortgage lenders and banks all across the country are flooded with homeowners looking for a home loan modification. Make sure your application is not over looked as just another sob story, and write a good, convincing, letter of financial hardship. Make sure you remain positive in the letter, and clearly outline your plan, why you need a home loan modification, and how important your home is to you. You need to convince them that you are responsible and ready to take control of your financial situation, and not just facing tough times.