Modifications,Short Sales,Deeds in Lieu,WriteDowns

Hardship Letters

Posted on Tuesday, April 14, 2009

Most people spend more time on their hardship letter than anything else. Maybe thats because its somehow cathardic to explain all of the things that have happened that are beyond our control??? Anyway the truth is this letter is not that important to the lender. It's basically something they need for their file but not something you should spend too much time on...focus on moving forward and th epositive stuff!! The letter needs to include:

Your name, address and account number
A BRIEF description of the financial problmes and hardship you have and the reasons that have caused them.
Your current income, how long you've had that job and other information about your finances - this is what the lender really cares about...how are you going to pay them.
Your plan to resolve the problme - this obviously has to tie in with your financial information above.
And your current contact information.

A reminder - it is up to you to follow up with the lender or servicer after you've submitted this information. Dont wait for them to call you back. And dont be surprised if they lose what you send them a few times. Keep copies and be prepared to send it again.


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