A Short Letter Starts the Obama Loan Modification
You are one of millions of homeowners dealing with increasing mortgage payments due to adjusting interest rates, declining home values and mortgage balances greater than home values. A loan modification under the new Obama Loan Modification Program is one way of saving your home from foreclosure. A mortgage loan modification with your mortgage company starts with a loan modification request that you can make with a short letter.
Tips for a Mortgage Loan Modification Letter
Like most good letters you want to explain what happened but keep your letter relatively short. To qualify for a loan modification doesn’t need a long letter. Offer your explanation early into your letter and then if you have to explain more, do in later paragraphs. Your mortgage company is busy and doesn’t want to read a 14 page explanation about why you have fallen behind…
Remember there’s is a human being reading your loan modification letter so take the opportunity to make your letter personal with the personal touches that drive the point home. Don’t go overboard. Tell them know about your family and why you love your home and want to keep it.
Don’t forget to state in your request whether it is a loan forbearance, a workout plan, a loan modification or a short sale. You want to leave the reader clear about what you want to see happen. You need a home loan modification. But don’t be unrealistic. Asking for a complete dismissal of your mortgage doesn’t work for an Obama loan modification.
When writing your financial hardship letter, spell out the hardship and why a loan modification is so desperately needed. Simply stating that you are suffering from financial difficulties isn’t enough information to help your case for an Obama loan modification. Some examples of financial hardship include: loss of a job, cutback of hours at a job, a death of a family member – especially a spouse or a contributing member to the household budget, or a serious illness.
Make it clear that you recovered to the point of being able to make a mortgage loan modification. The last thing your mortgage company wants to do is spend time negotiating a home loan modification with someone who can’t make a payment.
What Not To Write In A Hardship Letter
Do not blame your mortgage company. This won’t help at all in getting your loan modification. It’s really not the mortgage company’s fault that that you need home loan modification. Complaining about bad service won’t get you anywhere. It is better to be humble and appreciative of their consideration of your request for a loan modification. Remember, they don’t have to give you a mortgage loan modification if they do not want to.
