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.
Please feel free to contact us today so that we may discuss the options that are available to you.
Call Van Law Firm at 702-529-1011.
My experience with this firm was great. I worked with Yesenia who kept me updated every step of the way and answered questions I had and they was a lot. Helped make sure my daughter was included as well.Mary Turner
This was the best law firm experience I have ever had in my life and I have had several. Van Law Firm is the best in Vegas and the only law firm I will ever use.Jackin Ralph
I want to thank Van Law Firm for the hard work and dedication they put into my case. My case manager Norma was great and explained everything in detail and answered any questions I had.Darla Storm