Mortgage loan modification Hardship Notice Template
To be able to successfully modify financing for your own client (or on your own), you will have to write a great hardship notice to send towards the lender together with all of those other modification bundle documentation. Ensure that you include the actual borrower’s name(utes), the home address, the lending company name, and the actual loan number at the very top. In your body, state what type of modification the actual borrower would really like, the cause they dropped behind, as well as why their own situation is actually stabilized or even better right now.
Make the actual letter brief and fairly sweet. If the actual letter is too much time, it will start to sound just like a sob story and may get skimmed as well as ignored through the overworked people within the lender’s reduction mitigation division. Also, to have an extra individual touch, keep your voice within first person for that borrower (we. e. We, me, as well as we), and also have them indication it individually. Have all of them write it manually on the blank linen of document even, since it will seem not as likely to came from you or perhaps a template (that it do), and much more like it originated from the center.
Below is really a sample template you should use with my personal permission. Just reduce and paste the written text into the Word record, fill within the blanks, and customize it for your own borrower’s particular situation. You may also want in order to tweak the actual verbiage a little, as lenders will likely have experienced many similar copies of pretty much every hardship letter you’ll find online.
Loan quantity: 99999999999
To Whom It might Concern:
This notice explains the actual unfortunate conditions under that we fell at the rear of on my personal mortgage. I’ve carried out everything I will to remain ahead, however I nevertheless fell at the rear of. I want to be considered for any loan modification to diminish my obligations and rate of interest to maintain this through happening once again, give me a set rate to avoid the obligations from increasing in the future, and in order to recapitalize the actual delinquent obligations. My number 1 goal would be to keep this particular property for the long run.
I are a (work) with regard to (company). Within (30 days and 12 months), I hit crisis financially simply because (difficulty reason). Ever since then, (cause hardship has ended or a minimum of stabilized). My income has become (to normal, less than before, what ever).
Despite my personal recent difficulty and decrease in income, it’s my complete intention to pay for what We owe. Since (cause hardship has ended), I might appreciate if you’re able to work beside me to reduce or recapitalize the actual delinquent balance due, lower my personal payments, and repair the price for thirty years to ensure that I are able to maintain this house for the long run and help to make amends along with (loan provider name).
I pray you’ll work beside me on this particular. I’d prefer to get this settled so we are able to both move ahead without problems again.