Since the mortgage crisis began in 2008, many government programs have been created to help struggling homeowners. Unfortunately, there are also scam artists trying to take advantage of people who may be behind on their mortgages and are looking to avoid foreclosure. Many new companies have sprung up, calling themselves things like “loan modification consultants”…
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Whether you are requesting a loan modification or a short sale, your lender will most likely ask you to submit a hardship letter. The purpose of the letter is to describe, in the homeowner’s own words, why the homeowner is not or may not be able to make his or her mortgage payments. A key thing to remember is that it is important that you include actual reasons for the hardship and any plans you have for the future.
If you are facing financial difficulties and are seeking to renegotiate your mortgage, you will have to write a hardship letter. This letter explains your situation to your lender so they will fully understand why you are unable to make your mortgage payments as agreed.