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The Importance of a Hardship Letter

A major procedure that borrowers often overlook in loan modification issues is the hardship letter. To apply for any mortgage assistance that involves cutting your monthly payments to match your current financial standing, banks and lenders require you to write a hardship letter, which contains the reasons for the default as well as your next set of actions to turn your situation around.

“In the effort to convince lenders into approving their application for mortgage assistance, homeowners often make the mistake of writing a sob story that’s 5-10 pages long. A clerk earning a minimum wage in the loss mitigation department of your bank will throw your hardship letter away because he still has a pending stack of applications for loan modification from thousands and thousands of homeowners to attend to.

Some homeowners also copy templates from blogs and websites online, only to find out that the hardship letter they almost xeroxed in terms of the density of words copied, does not apply to their situation at all.”

At Boyer Law Firm we can aid you in articulating your current circumstances and how they contribute to the default in your mortgage. This part of the letter should be detailed without being boring and overwhelming. Boyer Law Firm in equipped and ready to customize your hardship letter that aids you in your current circumstances.  Please contact us if you have any more questions.

The Importance of a Hardship Letter

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