When you miss out paying mortgage monthly payments you must contact the lender or the mortgage company. In fact, it is always advisable to contact the lender that you know that you would not be able to make the monthly payment. The idea is that you should not wait for the lender to approach you or to file a ‘Notice of Default.’ The first communication to have with the lender after missing out the payment is hardship letter through which you can apply for mortgage modification
Here are some key pointers that would help you draft an effective hardship letter in order to get mortgage modification
.The submission must be written in very neat hand writing. In case you do not write so tidily, get the letter typed.
. It must comprise of your loan number along with the option you want to make.
. You must mention your contact details.
. Further, the financial details of your income, expenses and the financial constraints must be given in the submission that helps in mortgage modification
. You must also submit valid & legal proofs of the details given in the letter. These must include your bank statements, your credit card bills, your household expenses, etc.
. The mortgage modification letter must show your desperation to save the home and the attempts you are making in this regard.
. Mention the reason of your financial crisis in detail. Also explain after how much time you expect the conditions to normalize after mortgage modification
. Mention the amount you can afford as the monthly payments in the long run. For that mention your debt income ratio in the mortgage modification letter.
. Mail the letter through a certified mail service. Also check that you must hold the receipt of receiving of the same.
. You should have a copy of the submission made for your records.