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http://www.realestatesolutions2012.com
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Do You Need a Hardship Letter? Are You Trying to Work Out a Loan Modification? Your financial
hardship letter must be able to convince your lender that the situation that caused you to fall
behind on your mortgage payments was temporary, involuntary, and unavoidable and you are now
able to make your mortgage payments on time. (Incarceration, High Medical Bills, Damage to
Property, Payment Increase - from adjustable rate mortgage, are a few examples)
Here is one example of a Financial Hardship Letter that a Mortgage Company looks for:
If your situation is permanent, your lender may be willing to negotiate lower monthly payments or
agree to take a deed in lieu of foreclosure. In most cases a lender will be willing to accept some
type of payment rather than go through the expense of foreclosure.
There are many situations that can cause a homeowner to have a sudden or unexpected
decrease in income or a sudden, unavoidable increase in expenses can cause a home owner to
fall behind in their mortgage payments
Examples of an unexpected decrease in income include:
-Job loss
-Permanent or temporary disability
-Divorce or separation from spouse
-Death of a spouse
-Serious illness of a household income earner
-Reduction of hours or wages
-Forced to take a lesser paying job after a lay-off
-Bad year for business or business failure
-A sudden unavoidable increase in expenses can be caused by:
-Natural disaster
-Increase in property taxes
-Job Relocation
A well written hardship letter will include the following:
Your contact info (name, address, phone, account number)
Contact info for your credit counselor or attorney if you have one
Describe what situation or circumstances caused you to fall behind in your payments
Specify how much you can pay per month and how soon you can start.
If you have money saved, tell the lender you will pay them some or all of it as part of a work-out

2. plan. You may want to include a detailed budget of your monthly income and expenses and your
plan for making payments in the future.
Name:
Address:
Mortgage Company:
Loan Number:
To Whom It May Concern:
I am writing this letter to explain my unfortunate set of circumstances that have caused us to
become delinquent on our mortgage. The main reason that caused us to have a hardship and to
be late is (insert reason here). This occurred on or about (insert date of occurrence here).
Our situation has got better because (reason here). We would appreciate if you can work with us
to lower or delinquent amount owed and or payment so we can avoid foreclosure and continued
delinquency.
We truly hope that you will consider working with us and we are anxious to get this settled so we
all can move on.
Sincerely and Respectfully,
Borrower's Signature
Date
Co-Borrower's Signature
Date
Eliot Hobbs is a home builder, real estate investor, real estate agent, and short sale expert,
specializing in quick-turning houses. More information can be found at
http://www.1stforeclosure.com
Article Source:
http://EzineArticles.com/?expert=Eliot_Hobbs
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To guarantee you get your mortgage reduced; or stop a foreclosure; check out this site:

3. http://www.realestatesolutions2012.com
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