Sample Mortgage Modification Letter

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Sample Mortgage Modification Letter By Lindsy Emery

Are you a homeowner looking for sample mortgage modification letters to base your own hardship letter off of? Trust me, you're not alone. It seems like there are things you should and shouldn't do on your modification letter and if you mess up with even one part, you're whole application is out the window. I've created a sample mortgage modification letter for you to look at and see how it's done. You can't risk not having your loan modification application approved just because of a letter. Every homeowner has their own story of how they came to not be able to afford their mortgage payments. The one below is based around a rate increase, but you may have an entirely different circumstance. No matter the reason you can't make your payments, you need to be as clear as possible on the reasons why.

Sample Mortgage Modification Letter Account Number: Name: (The one the loan is under, and maybe your own depending on circumstances.) Address: Phone Number: Email: 'Dear Sir or Madam' or 'To Whom It May Concern': (State why you are sending them the letter.) I have sent this letter to support our application for a loan modification with your institution. Our new rate has made it extremely difficult for us to afford our monthly payments. My husband and I had some difficulty making our payments before, but now it is nearly impossible. Our interest rate increased from a manageable 7.85% to an impossible 9.65% in November 2008. Such a "small" increase has made such a huge impact on the amount you ask from us that we just don't know what to do. (Propose the interest rates you are looking for.) We are requesting a locked and decreased rate in our interest. The rate we have come up with that would be manageable is 7.25%. It is lower than our old rate, but we had enough trouble paying at 7.85% and were even late on a few occasions in the past
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year. 7.25% is well-within our budget and we feel it is a reasonable rate for both parties. (State your intent to continue business with the lender.) We would much rather negotiate a new rate with you than go into foreclosure. We have been living in this home for 8 years now and have no interest in finding a new place to live. We are very comfortable here and are hoping to give the home to our children one day. If we could come to some sort of agreement about a new, lower rate I think both your company and my family will be pleased with the outcome. Thank you for your time and consideration. Sincerely, Name For essential 'need to know' facts about how to effectively write a mortgage modification hardship letter - visit my simple, no nonsense loan modification guide and resource:

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Writing A Sample Letter for Loan Modification Application By Lindsy Emery

Are you looking for a sample letter for loan modification application? So are half of the homeowners in the country. The letter you send in with your loan modification application is just as important as the application itself, if not more so. Here is a great sample letter for loan modification application for you to take example from: Name: Loan Number: Address: Phone Number: Email Address (if applicable): To Whom It May Concern: I've sent this letter to you in order to explain my reasons behind requesting a loan modification on my mortgage. Before last year, I had never made a late payment on any of my monthly expenses, but after the death of my husband things have been increasingly difficult to handle. I am requesting an interest reduction down to 6.25% from my current 8.80%. I feel it is a fair percentage for you, and it is just within my means. Before my husband passed away, we had both been making more than enough to afford our mortgage. Once our interest rate rose to 10.24% and we had no difficulty paying it. However, once he passed away I was left with half of the monthly income I had before. I had been pulling together enough to pay the bills and mortgage by pulling from our savings and the small amount of life insurance I received, but I've run dry and have no other option than to request a manageable, fixed interest rate from you. Without a reduction on the interest, I will not be able to afford the monthly payments. I have to choose between a loan modification and a foreclosure. I would far prefer the former, and you probably would as well. 6.25% is the most I will be able to manage, even if I cut all of my expenses out of the picture. Please consider my application seriously and I hope to hear more from you on the matter. Sincerely, Your Name Notice this sample goes a little in depth about the circumstances of the homeowner seeking loan modification. What's more, she also has determined her ideal interest rate based on her current income, showing her lender that she is taking the matter very seriously and wants to work with the lender to stay in her home. While this sample letter for loan modification application is not perfect, it pleads a good case to the lender and puts it all on the table. Your lender needs to know it's either modification or foreclosure and there is no way around it. They may lose money on a loan modification, but they lose much more on a foreclosure. Get all of your facts, story, and numbers straight and even you can write a compelling

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hardship letter. For essential 'need to know' facts about how to effectively write a loan modification application letter visit my simple, no nonsense loan modification guide and resource:

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Related eBooks: Writing A Sample Letter for Loan Modification Application Sample Loan Modification Hardship Letter What Should You Include to Get The Most Out of Your Mortgage Modification Hardship Letter? How to Get A Bank of American Mortgage Loan Modification What to Include in A Wells Fargo Mortgage Modification Application Hardship Letter Get more Free PDF eBooks at Related Products: Home Vegetable Garden Palmistry Dream Psychology Money Saving ideas BEFORE You Borrow Money A genuine resource center for Quality Ebooks and Softwares
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