How to Draft a Hardship Letter
Be concise, most negotiators have about a hundred files that they are dealing with, so be short, sweet, and to the point. Tell the negotiator your hardship and tell them that you are no longer able to afford your loan payments. Explain that you have no assets with which to continue making payments. You should also state that you are trying to avoid bankruptcy. Do not forget the property address, the date, your signature(s) and the loan number on your hardship letter.
What Are Considered Hardships?
- Military service
- Death of a spouse
- You can no longer can afford your home
- Your mortgage payments exceeds what you collect in rental income
- You have been forced to relocate
- You have an illness
- You are worried about a deficiency judgment and future collection actions against you
- Divorce after loan obtained
- Interest only loan
- Adjustable rate mortgage
- Increase in expenses/debt
- Decrease in income
- Underwater on mortgage
- Sometimes the mortgage company will also consider other factors, such as the mortgage Lender may want to get out of the Las Vegas market, the property has been damaged, or that it makes more financial sense for them to short sale rather than foreclose. So it is always worth it to give it a shot and attempt to do a short sale when you do not have an immediate hardship.
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