What Is A Hardship Letter?
A mortgage hardship letter is an explanation to your mortgage company explaining why you are unable to pay your current mortgage or have fallen behind in your payments. It is an opportunity to possibly stop the foreclosure process and give you a chance to work out an arrangement to help you meet your financial responsibilities. Examples of hardships that may be considered by mortgage lenders include:
- Adjustable Rate Mortgage Reset-Payment
- Illness
- Loss of Job
- Reduced Income
- Failed Business
- Job Relocation
- Death of Spouse or Co-Borrower
- Death
- Incarceration
- Divorce
- Marital Separation
- Military Duty
- Reduced Income
- Medical Bills
- Damage to Property (natural disaster or unnatural)
- Other (Please Specify)
Keep the hardship letter format to a minimum outlining the facts in a specific and concise manner. Remember, you are not trying to get out of paying your mortgage. You want to renegotiate the terms of your current mortgage to a more affordable payment that will fit into your current financial situation.
This hardship letter is a vital step you must take in order to save your home and avoid foreclosure. You are not alone, there are many homeowners facing the same situation due the current global financial crisis.
Due to the global financial crisis, many homeowners are finding themselves unable to meet their financial obligations. Home foreclosures are at an all time high because of many different financial hardships. A hardship letter written to your mortgage company may be the only opportunity you have to save your home from foreclosure.
We have outlined some specific guidelines on how to write a hardship letter and the necessary information and documentation that should be included. We have also included an example of a hardship letter that is generic and can be customized to your specific reason of hardship. There is also an mortgage company hardship letter due to an adjustable rate mortgage with an increased payment and several other circumstances.
We hope this information will be helpful to you in your quest to save your home from foreclosure during these trying times.
Monday, May 18, 2009
The U.S. Congress just passed a bill that provides $96.7 billion to cover "neccesary costs to fund troops overseas and support their families, including stop-loss compensation.
According to an article on newsblaze.com, $17.9 billion of the measure includes personnel costs for each branch of the armed services, including the increased monthly rate of imminent danger pay, family seperataion allowances, hardship duty-location pay and additonal funds for basic allowance for housing.
Monday, April 13, 2009
You may be one of millions of Americans who suffers from a life-threatening or dehabilitating disease such as mesothelioma, a cancer caused by asbestos, or some other form of devestating illness.
These horrible diseases bring enough mental and physical pain for a family to deal with, and a mortagage should be the last thing on your family's mind. Consider writing a well phrased medical hardship letter if you or the providor of your household income is bed-ridden due to disease or another medical reason.
Wednesday, April 08, 2009
I was startled awake from my sleep this morning when I realized that the LOUD beeping sound wasn't my alarm clock, it was my fire alarm low battery alert. I swapped out a new C battery and wondered how many homeowners may not have one of the low-battery notifiers on their fire alarm.
Obviously, if you're on this site, you're pinching pennies, but never let your finances overshadow your family's safety. When your house is on the brink of foreclosure, the last thing you need to deal with is another crisis.
Monday, April 06, 2009
We all like a good deal. During the peak of the real estate market, almost every house seemed like a best buy because we were convinced the market was just beginning its ascent.
Unfortunately, short-sells and flips only went so far before the market started to correct itself. While many investors purchased houses for the sole intent of making profit, millions of Americans were simply starting their dream.
Your letter of hardship should explain how a circumstance beyond your control spoiled your original dream. Stress the efforts you've made just to make ends meet, and appeal to the reader on a professional yet personal level.
Friday, March 27, 2009
Hardships aren't limited to layoffs or paycuts. Medical bills can drastically cut or eliminate your disposable income, forcing your family into debt. No immune system is perfect, but there are simple steps you can take to decrease your risk of costly medical procedures involving diabetes and heart problems.
A daily exercise regimen and a healthier diet can prevent a medical disaster. You should also consider a daily intake of vitamins and a weight loss supplement , but be sure to consult your doctor before you take any pills or start a new workout routine.
Tuesday, March 24, 2009
Desperate times call for desperate measures ,and many Americans are faced with home foreclosures and other outstanding expenses.
As a result, they may be searching for any means of income,even if it requires them to sell a personal item. Websites such as cash4gold.com offer instant cash for expensive items such as diamond rings and other jewelery, but the Better Business Bureau is advising consumers to avoid cash4gold due to the high volume of complaints they've received.
Friday, March 20, 2009
If you're trying to appeal to emotional senses, you may want to consider a list of the efforts you've made to ensure you and your family's well being. For example, many American's have resorted to selling prized possesions and heirlooms. If you've strapped for cash to the point that you're selling everything, from patio furniture covers to personal items, you may want to make a formal list with personal items.
Bruce Silverman, author of "How to Complain for Fun and Profit," , advises consumers to take the time neccesary for printing out your letter and mailing it to the executive or department you want to reach.Silverman insists they were effective because physical letters stand out, while emails get lost in the clutter.
He was interviewed on ABC's 20/20 and was given three frustrated consumers.
One man was frustrated with his airconditioning contract with Sears, another was a young woman upset about her mobile phone malfunctioning, and a young man couldn't convince GameStop to replace a damaged PS3 they sold him.
After each of them took the time to personally mail the letters, the companies eventually resolved their problems.
Wednesday, March 18, 2009
One of the most important life lessons I've learned in my time on this planet is that you can't have a positive mental attitude unless you feel good about your body. I don't mean that you have to be anorexic or a marathon runner or body builder or on the cover of GQ. I simply mean that you can't expect to feel good inside if you aren't maintaining your level of physical fitness. On a whim I recently took up Kettlebell training and have had phenomenal results. I went from a size 38 waste to a 32 in 6 weeks. I've only lost about 10 pounds, but I've lost more inches that I ever could have imagined. I have mostly lost inches in my waste but my thighs have gotten smaller (and firmer) and my chest and back have really firmed up a swell. Like I said though, you've got to do something to stay fit and kettlebells are doing it for me and you have to find something that works for you.
Tuesday, March 17, 2009
Howie Mandel is actually funny but definitely not for everyone. In these days of economic crisis and uncertainty, I think we can all use a little laugh to lift our spirits. I don't know if Buy.com is having a Sale on smoothie machines, blenders, or not but this video just shows how corny yet funny Howie can be. I am wondering how fast the blender actually got there after Gay placed her order online though, I'm thinking they just bought it from the local Sears store ;)
