How To Write A Loan Modification San Diego Hardship Letter
During the loan modification process, one of the main components of a successful mortgage loan modification program will require the submission of a Hardship letter. It is important to provide your lender with a true picture of your situation and put the lender in your shoes in understanding your situation. Here is an example of what a Hardship letter could look like to provide you with a format for a loan modification San Diego homeowners agreement on your home loan.
HARDSHIP LETTER EXAMPLE:
Date:
Borrower’s Name:
Borrower’s Address:
Borrower’s Phone #:
Our mortgage payments will be increasing soon due to our interest rate adjusting to a much higher rate. Due to the recent decline in the real estate market, we have no equity in our property. We now owe more on our loan than what our home is worth. Currently, we are paying a total of $__________on our mortgage/mortgages. We have had no payment delinquencies. After the rate increase in________________, we are looking to pay an additional $____________ per month. We are requesting a loan modification preferably a 30 year fixed rate mortgage with a lower payment. Ideally, we would like our mortgage payment to be $_________per month.
Although my wife and I both receive an income, my husband is the primary provider. However, with the currenteconomy, my husband, who is in the automotive industry, has not been receiving any overtime which cut his income in half. My position with the XYZ is also vulnerable at this time, with discussions of impending layoffs. We are asking for help now because we are trying to avoid an eventual foreclosure of our home. We have cut our expenses as much as humanly possible, and it is coming to a point where we are concerned about putting food on the table and can not handle a rate increase on our home loan.
We love our home and the city we live in. We would like to keep this house and raise our new born daughter here while making new memories.
Thank you for your time regarding this matter and for considering us for a loan modification San Diego agreement on our home mortgage loan.
Kindest Regards,
Borrower’s Signature, Date
Co-Borrower’s Signature, Date
This should provide you with a guideline for writing a hardship letter, just remember to be honest with your situation and you will be one step further to a successful loan modification.
