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May 17, 2008

Foreclosure Hardship Letter

The foreclosure hardship letter is an important part of any loan modification or short sale package. These types of financial arrangements are available to individuals facing foreclosure. Loan modifications are used when homeowners want to save their home from foreclosure and have the financial means to get back on track with delinquent payments. Short sales are used when the homeowner does not have the ability to become current on payments. When lenders accept short sale offers they allow homeowners to sell their home for less than the amount owed on the mortgage note.

For most people, the foreclosure hardship letter is the most difficult thing to write. Unless you are a professional writer, it is challenging to sit down and express the circumstances that have caused you to fall behind on your mortgage payments. Keep in mind the hardship letter will be read by a Loss Mitigator who works for the lending institution. Loss mitigators read several hardship letters every day, so you will want to keep it short and to the point.

Real Estate Investing article on "Foreclosure Hardship Letter"