How to Avoid Foreclosure by Writting a Hardship Letter

By Bryan Burbank


One of the biggest problems many Americans live with today is the threat of foreclosure. With so many Americans losing their jobs and the economy shakier than ever the reality of losing your home is realer than ever. In this article I will highlight some of the things you may want to put in a hardship letter to your lender.
First, I suggest you call your lender the minute you feel you may have a problem paying your mortgage. You want to ask for a loan modification. It is essential you follow their requirements exactly. Many lenders require a hardship letter. Along with the letter they may want to see pay stubs, bank statements and tax returns. It is very important that yo do all of these things quickly because time is of the essence. Also while you are working with the bank make sure you keep making your payments.
Second, how you write the letter doesn't have to be very difficult. Make sure you include your name address and loan number and always include a phone number where you can be reached. Tell them in detail why you are behind on your loan. If it is sickness be specific with amounts. If you have lost your job document it. If you have had excessive home or auto repair spell it out and provide documentation. Most important spell out to the bank how a loan reduction will allow you to keep paying your mortgage. Remind them how you have been a loyal customer of theirs for years. You may want to remind them that it is better for you to be paying your mortgage at a reduced rate then for them to be the owner of your home. Fight a good fight, after all it is your home that you are fighting for.
Third, after you have given all the necessary information to your lender stay in touch. You don't want to become a pain in the butt, but you do not want to disappear either. Hiding has never solved any problem. Make sure you have the name and number of the individual who is handling your appeal. Try your very best to keep up with the payments until the lender offers you some relief. If you stop paying and your loan becomes a problem it will be way more difficult to alter your loan. Most important don't give up and keep on top of the situation.
Get Free: Stop Foreclosure Now
How to: Avoid a Foreclosure
Bryan Burbank is an expert in the field of Real Estate and Foreclosures
Article Source: http://EzineArticles.com/?expert=Bryan_Burbank

For more information on how to avoid foreclosures go to http://www.4roadrunnerpromotions.com