Loan Modification 101 on activerain.com
January 21st, 2009
Third, you must be able to demonstrate that you have suffered a financial hardship that has made your current mortgage payment unaffordable. Provide your bank with a written Hardship Letter, explaining the circumstances that have lead you into financial hardship. Job loss, divorce, death of a family member, and illness are all reasonable explanations. You must be very convincing in your Hardship Letter; lenders receive hundreds daily, and are looking for candidates who have really experienced hardship. The manual provides some examples of Hardship Letters, and a template to follow.
