Things to Avoid When Writing a Hardship Letter

In a situation that you will need to sell your home to save yourself and your financial stability, writing a hardship letter is your chance to survive. The letter explains or describes the reason for selling the property and why it came to the point of concern.

The letter must contain facts related to the plead in order for a greater chance of agreement or grant. In this case or situation, the bank does not really need to be lenient with the owner’s need for the property since there are too much losses involved. Thus, as the owner of the property, it is vital to reflect on the reason why a hardship letter is necessary and if the hardship mentioned in the letter is valid to be called as a hardship.

In the letter, point out the circumstance you are in and the commitment for a possible agreement on when a payment can be made. Other terms like how to maintain being current with the monthly payment will be handled can also be included.

When writing a hardship letter, hardships like the following should be considered to help you weigh if your situation is valid.

-Problems with Employment

-Reduction in monthly income

-Just got into a new job or get transferred to a new job or job location

-Got separated or divorced

-Emergency related to injury or illness

-Transfer of work whether voluntary or not

-Difficulty relating to marital issues

-A loved one’s passing

-Service on military duties

-Increase in expenses

-Natural catastrophes

-Big maintenance or repair of the property

The mortgage lender or the bank does not really empathize much on the owner of the property however since there is more loss in a foreclosure process, short salesperson often preferred by lenders.

Make sure that in writing your hardship letter, these mistakes are avoided.

1. Never treat the hardship letter as an outlet for bargain, politically inclined comments or worse, a way to let out anger.

2. Do not put the blame on the bank.

3. Do not talk about familial feud including loan needs of close family ties. If y push through this type of reasoning, know that your claim will push the bank or mortgage lender to investigate your claim. If your claim has not been proven true, you will have a bigger problem.

4. Never promise an unlikely outcome. Set realistic goals and b transparent with your goals and future actions in order to provide a solution for the matter. The bank or mortgage lender will certainly expect for hints to turn out as you promise and not fulfilling those will definitely tarnish your credit record. This might be the time you refrain from being too positive.

5. Do not lean on two spectrums; black and white. Expect changes in your finances and situation but never expect anything or promise any scenario that is false.

To make sure you have help in a conflicting situation such as thighs, connect with savetampahomes.com.