Foreclosure Hardship Letter Sample
May 10, 2008 by
The foreclosure hardship letter is an integral part of loan modification and short sale package. These types of arrangements are available to homeowners facing foreclosure. Loan modifications are offered to homeowners who desire to save their home from foreclosure and have the monetary
means to become current on their mortgage note. Short sales are offered when homeowners do not have the capability of catching up on delinquent payments. When lenders accept short sale offers they allow the borrower to sell the home for less than the amount owed on the mortgage note.
People oftentimes find the foreclosure hardship letter to be the most difficult aspect of organizing their real estate package. Unless you are a professional writer, it can be quite difficult to express the circumstances which caused to be become delinquent on your mortgage payments.
Keep in mind the hardship letter will be read by a Loss Mitigator who works for the lending institution. Loss mitigators read several foreclosure hardship letters every day, so you will want to keep it short and to the point.
Many experts suggest the foreclosure hardship letter should be hand written, while others suggest it should be typed. There really is no right or wrong way. However, if you have illegible handwriting, it's best to either have someone write it for you or type it out. Since the hardship letter is crucial for a successful transaction, it is imperative the loss mitigator can easily read it.
A business format should be used when writing the foreclosure hardship letter. Your name, address, city, state, zip and phone number should be placed at the top of the paper. Leave two spaces, than include the name of the loss mitigator, lending institution and address. Leave two spaces and include the current date, than place your loan number on the next line. The body of the hardship letter should be between four and six paragraphs in length. Close the letter by signing and printing your name.
The following is an example of the foreclosure hardship letter format:
Joe and Joan Smith
123 Anywhere Street
Anytown, State 12345
People oftentimes find the foreclosure hardship letter to be the most difficult aspect of organizing their real estate package. Unless you are a professional writer, it can be quite difficult to express the circumstances which caused to be become delinquent on your mortgage payments.
Keep in mind the hardship letter will be read by a Loss Mitigator who works for the lending institution. Loss mitigators read several foreclosure hardship letters every day, so you will want to keep it short and to the point.
Many experts suggest the foreclosure hardship letter should be hand written, while others suggest it should be typed. There really is no right or wrong way. However, if you have illegible handwriting, it's best to either have someone write it for you or type it out. Since the hardship letter is crucial for a successful transaction, it is imperative the loss mitigator can easily read it.
A business format should be used when writing the foreclosure hardship letter. Your name, address, city, state, zip and phone number should be placed at the top of the paper. Leave two spaces, than include the name of the loss mitigator, lending institution and address. Leave two spaces and include the current date, than place your loan number on the next line. The body of the hardship letter should be between four and six paragraphs in length. Close the letter by signing and printing your name.
The following is an example of the foreclosure hardship letter format:
Joe and Joan Smith
123 Anywhere Street
Anytown, State 12345
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- A business format should be used when writing the foreclosure hardship letter
- Loss mitigators read several foreclosure hardship letters every day, so keep it short and concise
- Experts suggest the foreclosure hardship letter should be hand written
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