The following are the lenders qualifications to modify your loan. Most borrowers will meet these requirements. Keep them in your mind, when speaking to the lender.
If you are interested, take a look at
Hardship Letter.
A great hardship letter must be included in your loan modification package to the lender, before the lender will even consider stopping your foreclosure.
The
hardship letter must include the loan number, primary cause of default and a detailed summary of what caused the hardship that allowed you to become defaulted in your mortgage, and your current ability to pay the mortgage.
An example of all of the elements needed in a compelling Hardship letter includes:
Please take a few minutes to briefly state below what hardship or difficulties have occurred that caused you to default on your mortgage. If a series of events brought about this financial crisis then begin with the first event and explain how this series of events combined to create the default. Be aware that without fully understanding your hardship, the lender may not be able to help you.
Where possible, please provide
support for the hardship (i.e., unemployment paperwork, separation agreement). Should you need more space to write, please attach additional pages. It is important that this letter convey what caused you to fall behind on your mortgage payments.
For more info, visit
Hardship Letter.
