Foreclosure Hardship Letter - Sample For Bank Loss Mitigation department

County - Foreclosure Hardship Letter - Sample For Bank Loss Mitigation department

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A foreclosure hardship letter is an integral part of Loan Modification or Short Sale package. When homeowners are facing foreclosure, these documents are submitted to the Loss Mitigation agency of the mortgage lender. Loan modifications are offered to homeowners who have the financial quality to come to be current on delinquent payments. Short sales are offered to homeowners who do not have the financial means to pay their mortgage payments. Lenders who accept short sales offers agree to accept less than is owed on the mortgage note.

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For most people, the foreclosure hardship letter is the most difficult aspect of loan modification or short sale procedures. It can be excruciatingly painful to express on paper the circumstances which caused the homeowner to fall behind on their mortgage payments. Many habitancy are intimidated by the hardship letter. They don't know what to say or how to format the letter so it is easy to read and understand.

Keep in mind, foreclosures and short sales are handled by the Loss Mitigation agency of your lender. Employees of this agency are referred to as Loss Mitigators. Before you can submit a loan modification or short sale package, you must receive approval from the Loss Mitigator assigned to your account.

More than likely, you will have ample opportunities to personally speak to the Loss Mitigator handling your account. These individuals deal with homeowners in financial distress on a daily basis. Take advantage of construction a association with your assigned mitigator and ask questions to help you great understand what your mitigator expects. Loss mitigators can make or break your deal, so all the time treat them with respect and furnish them the information they request.

Your foreclosure hardship letter will be read by your personal loss mitigator. Perceive these individuals receive dozens of hardship letters daily. Therefore, it is crucial to keep your letter short and to the point, while covering pertinent facts.

When composing your hardship letter you can whether write it by hand or type it. If your handwriting is illegible, it is best to type the letter or have man else write it for you. The foreclosure hardship letter is one of the most crucial elements of your loan modification or short sale package, so take every precaution to ensure the Loss Mitigator can easily read and understand it.

Real estate experts suggest using a firm format for the foreclosure hardship letter. This involves placing your name, address, city, zip and phone estimate at the top of the page. Leave two spaces, then write the name of your loss mitigator, name of your mortgage lender, along with their mailing address. The next line should comprise the current date. Place your loan estimate underneath the date. The body of the letter should be in the middle of four and six paragraphs. Close the letter by signing and printing your name.

The following is an example of the foreclosure hardship letter. You can make adjustments to the text depending on if you are seeking a loan modification or short sale arrangement.

Bob and Jane Smith

123 Any Street

Your City, State 12345

Tom Jones

Usa Lender

123 everywhere Avenue, Suite A

Anytown, State 12345

Current Date

Re: Your Loan estimate (include whether Loan Modification or Short Sale)

Dear Mr. Jones,

We are contacting you today to ask a (loan modification or short sale) for our asset placed at (insert address, city, state). We appreciate the chance to clarify the circumstances which have caused us to fall behind on our mortgage payments. Although we have done all potential to improve our financial situation, we are still short on the money owed to you.

The fancy we have come to be delinquent in our mortgage payments is (explain the fancy here). At this time we do not have sufficient wage to pay our quarterly monthly mortgage payment. We are implicated that we are falling further behind and will not be able to pay what is owed. We have every intention of paying what is owed, but at this time do not know how to accomplish this. Therefore, we are turning to you for assistance.

We are request for consideration to temporarily cut or dangle our mortgage payments for a few months (or allow us to sell our home via a short sale). Doing so, would help us get back on track. Our home means a great deal to us and we desire to work with you to keep it out of foreclosure. Please suggest of all options ready to stop foreclosure (or start a short sale) at your earliest convenience. We are anxious to reach an bargain and appreciate your prompt response.

Respectfully yours,

Print name of Borrower(s)

Signature of Borrower(s)

Loan #

Address

Phone

email address (if applicable)

It is imperative to send the foreclosure hardship letter via certified mail with a return receipt requested. This will ensure you have proof you sent the letter. The return receipt must be signed by man at the lending practice and the signature card will be returned to you in the mail.

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