If you are in mortgage trouble and are looking for any kind of assistance from your mortgage company, you will need to put together a packet of information for them. Part of this packet is the hardship letter.
The letter is exactly what you would expect, an explanation of your hardship. What happened to you to make you fall behind, how you would like the bank to help you and what has changed to make you capable if they are able to help you.
I suggest that you keep your hardship letter short-- 1 page at most. And don't whine, they have heard all of excuses in the book! Be sure to include your loan number(s), address of the property and a way for the mortgage company to get in touch with you.
The most important part of the letter is how you want them to help you. Be specific. If you just want out, tell the mortgage company you want them to consider a short sale or deed-in-lieu of foreclosure. If you want a modification, tell the mortgage company what payment/ interest rate you could make work-- and if you have any cash to get a modification started. Without a specific request from you-- the bank may do nothing or come up with something that has a snowball's chance of working long term.
Close by telling them how things have changed so that you could work under the new plan or if you're asking for a short sale or deed-in-lieu why nothing else is going to work for you. Be sure to thank them for their time. A little sugar never hurts!
If you would like me to review your hardship letter, would like me to email you a sample letter or need help assembling your "help" packet.. call or email me.
Wednesday, March 19, 2008
Subscribe to:
Post Comments (Atom)
Posts
3 comments:
I fell behind on payments twice but managed to get caught up on my mortgage and avoid a foreclosure. My bank has been creepy since this all started! I recieved a loan modification last summer which stopped me from going into foreclosure. I made huge payments to get caught back up but in order for them to take the payments they increased my rate by 1.2% Does this sound right? I thought a loan modification was to help people! I caught up and went on to try to refinance in December and found out they had reported an untrue foreclosure in 06 and my rate readjusted in January to a totally unaffordible rate. I have been fighting for three months to try to get this off my credit and no one will refinance me! The bank admitted their wrong but they still are misreporting to the credit bureaus! I worked hard to avoid foreclosure but now the bank is pushing me into it! Do I have any legal grounds? What if my bank will not work with me? I could have refinanced in January and I'd be making payments less than 1200 a month! The bank wants me to continue to pay 1900 a month! I can't afford this and now I am looking foreclosure in the eye again!
I am not sure if you have legal ground.. but you may want to bring in the BIG guns to help you out. If I were you I would try to get ACORN to work on your case. I know they are backlogged so if can't get a speedy response I would be willing to try to fight the bank for you.
Oh by the way it was Indy Mac bank!
Post a Comment