Loan modification hardship letter template Loan modification hardship letter template A Must See http://bit.ly/2s3DqcM Some Tips for you. When applying for a home loan modification, a key component of the application is the hardship letter, the homeowners’ description of the financial setbacks they’ve experienced that resulted in their inability to pay their monthly mortgage. And The Hardshipletterformortgage Templates I have for you will help you When Writing your Letter. RECOGNIZING ELIGIBLE HARDSHIPS Not everything qualifies as a bona fide financial hardship. You need to prove that you experienced a genuine hardship and that it compromised your ability to pay. You must be convincing. Most lenders give consideration to the following hardships, among others: Job loss or relocation, such as a layoff or reduction in force (RIF). Income reduction, such as a wage reduction or loss of overtime. A failed business or one that’s suffering from an economic slowdown. Divorce or separation. Newborn child, namely maternity leave and the increased expense of having another dependent. Some lenders even consider adoption a hardship. Death in the family, especially if the person who passed away was helping to make the payments. Payment shock, as in a bump in the interest rate on an adjustable-rate mortgage. Illness or injury that either reduces income or increases medical expenses or both. Too much debt accumulated over time. Military duty. Gambling by one of the household’s wage earners who’s currently seeking treatment. Alcohol or drug dependency of one of the household’s wage earners who’s currently seeking treatment. Incarceration of one of the household’s wage earners. Click the link above to get the HELP You Need with your loan modification hardship letter template. Tips and Templates.
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