Why Writing A Good Hardship Letter Is Important When Trying To Get Approved For A Loan Modification
Attorney Tim McFarlin recently made a video segment giving tips on writing an effective ‘hardship’ letter when requesting a loan modification. Most lenders typically require a hardship letter explaining why the borrower has fallen behind on their mortgage. Because of the current mortgage crisis, the more prepared someone is when submitting a request for a loan modification, the better chance they have at getting the modification. Which is why a well constructed hardship letter is important, and McFarlin explains how to do it.
McFarlin says: “Oftentimes bad things happen to good people that are outside of their control, and the more heartfelt, sincere, and genuine the hardship letter, the better. This hardship letter explains a (temporary) problem due to some event. It should be backed up with evidence and there must be proof that it is a temporary setback. Some examples of a hardship may be large unexpected medical bills, a divorce, loss of job or cut-back in income, business failure, death in the family, or a temporary disability.”
The last thing banks want to do is to take people’s homes. They do want the borrower to get back on track and start making payments again. The letter does not have to be more than a couple paragraphs, or go into a great amount of detail. Just explain what the problem was, the effect it had, and what is being done to solve it. The video goes into more detail and can be viewed on Podcast Alley; or visit Mcfarlin & Geurts website for more information regarding loan modifications.
McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California, and in some cases, throughout the United States. They practice in both state and federal courts in a variety of practice areas including both litigation and transactional matters.
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