Author : Chuck McCall
With millions of home owners contacting their lenders it is more important than ever that your hardship letter cut through the clutter and stand out. Once your loan modification packet is received by your lenders loss mitigation department the loss mitigator assigned to your file will start the process of your request by first reading your letter. Watch out for these 5 most common mistakes:
1. Letters that are more than 1 page long: keep your letter to one page in length. More than one page will increase your chances of getting passed over by the loss mitigator who is charged with reading 100s if not 1000s of letters.
2. Missing critical information: do not leave out pertinent information like your account number, and how you got behind and how you plan to get current? What is your plan.
3. Writing a personal letter: lenders are not known for being sympathetic, this is business so keep it that way no sentimental comments. set a professional mood.
4. A typed letter with no signature: traditionally these letters are hand written and legible not typed, but if you choose to type your letter make sure you sign it by hand.
5. Not Communicating responsibility: You must communicate to the loss mitigation that you are a good candidate and that keeping your home is your first priority. let them know that your are 100% committed to making your payments if you had a loan modification.
A poorly written letter that does not contain the information your lender is looking for will and almost certainly decrease your chances of a loan modification and increase the chances that your house will be foreclosed on. Most homeowners know that a hardship letter is a required part of the modification application process but they do not understand its importance and neglect to write one. In fact, this letter is equal in importance to the application itself. The letter accelerates the application process and can even be the single deciding factor.
Click Here to get more free tips on how to write a Hardship Letter that gets approved. Or for more info visit chuck555-financialsense.blogspot.com.
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