Hardship letter – A pivotal source to stop foreclosure

You can start work out your situation with a mortgage company with help of an effective hardship letter than can become a first step to stop the foreclosure. Appeal your lender to give you a second chance by writing a right hardship letter. Prepare your hardship letter with following points in mind.

Start your hardship letter by explaining your situation in a concise and clear manner. This communication must be honest and represent clear facts. Do not use your hardship letter as complain against the mortgage company and don’t make any negative remarks stating that they made your situation worse. Represent your reasons in a logical manner showing why you are late in payments. Once again your reason must be a legitimate and should not show any excuse. Serious medical problem in family or loss of employment can be an adequate reason but financing problems cannot count as acceptable excuse. Make this part of letter the shortest description.

Second and most important part of the business letter is to show how you will make up your late and remaining payments. In reality, the lender is not interested in knowing your situation; all they want is their money. A hardship letter gives you a chance to ask for the assistance of your lender in reviewing and modifying your loan terms. Calculate your payments and show legitimate numbers indicating how you can work out the situation.

Close your hardship letter with a thankful note to give time to review your letter. Show that you are willing to work out the problem and eager to talk with your mortgage company.