Sample Loan Modification Hardship Letter

The loan modification process can be very intimidating. You must fill in all the types of documents, negotiate terms with the creditor, as well as write a letter stating difficulties. Outside these three main phases, the letter is the most difficult to do alone. To give you an idea of ​​how your letter of hardship should look, here is a sample letter for loan modification difficult to give you some indication:

To Whom It May Concern:

This letter is to formally take on my application for loan modification I sent last week. The application states that we had and what we are looking for, but obviously does not go into exactly how we got in the situation we are in now.

There were severe cuts to my job in November and I was transferred to a lower paying position in the middle of other people get fired. I would be grateful, but the salary that I receive in this position is ¾ of what I was doing previously. It got to where we were pulling from our savings and scraping the change to be able to make our mortgage payments and pay bills. Two months ago, our interest rate went up from 7.45% to 10.35% because we were not able to manage and keep up with our payments since then.

I would like to request our interest rate be lowered to between 7.25% to 8.40%. We believe that this is a good number for both parties. We were always on time with our payments before my demotion and my wife is due for a raise next month. We are willing to work with you to find a compromise we can both agree on.

Sincerely,

Your Name

It 's important to stick to the facts of these letters, and this sample letter loan modification is not difficult to turn a point: I simply can not afford the high interest rate on my current situation. Be sure to talk because they have problems with your payments and make it clear that there is no way for you to be able to handle as six hours.

Also be sure to mention the rate you want. Your lender does not have time to sift through each application and determine the exact prices they want.

To state the interest rate you are looking for them gives even more of a reason to accept you because you have determined the interest rate you can handle alone. It also shows that you are worried enough to have done the work to determine the ideal rate. Use the sample letter loan modification problems as an example and work around it. A good letter can make the difference ....