If you are struggling to pay your mortgage because of a recent financial hardship, then a loan modification may present an opportunity for you to avoid foreclosure and remain in your home. In order to receive a loan modification your lender will require you to write a hardship letter explaining to them why you cannot make your payments and why you need a loan modification. The letter is a vital part of the loan modification approval process and should be written very carefully in order to give you the best chance to receive approval. An experienced Jacksonville loan modification attorney can help you identify the important points to include in your letter and the best way to write it to get approved.
What is a Loan Modification Hardship Letter?
The hardship letter is a personal letter written from you to your lender explaining exactly what event or circumstance has caused you to fall behind on your mortgage and why you are not able to continue making payments. Consider it a detailed outline of your current life situation and financial issues that you are having which directly affect your ability to pay your mortgage. It is important to honest and open about your situation and not to exaggerate or leave out any details because the financial documents they require in addition to the hardship letter will show them the exact numbers you are dealing with. It is also important to keep in mind that because of the current housing crisis, many banks are receiving a high volume of hardship letters and may not have time to read a lengthy letter. Try and keep it to one or two pages at the most, and touch on the most important points without telling them your entire life story.
A few examples of some events or situations that lenders will consider for a loan modification:
- Medical Bills
- Job Loss
- Death of spouse
- Military Duty
- Reduced Income
- Natural or human caused Property Damage
There are more circumstances than this list includes that may be approved by your lender, and all individual situations can be considered, but to ensure that you have a real case for a loan modification, meet with a Jacksonville loan modification attorney to assess your situation and go through the loan modification process. There are important qualifying steps in the process other than the hardship letter, but it does play a pivotal role in the success of your loan modification application.
If you want to find out more about a loan modification or find out whether you may qualify contact the Law Offices of Justin McMurray, P.A. at (888) 316-2131 and set up a FREE CONSULTATION today.