How Do You Write A Foreclosure Hardship Letter?
One step of the loan modification or refinancing application that borrowers usually mess up is the hardship letter. Every bank that is considering giving the borrowers an option to avoid the foreclosure process will request a detailed letter documenting what first caused the decrease of monthly payments, as well as what actions have been taken to fix the problem. Many homeowners, though, include very minimal hardship letters that explain almost nothing about what transpired, what has been done to remedy the situation, and why the financial crisis was only temporary in nature. In reading dozens of these letters over the years, it seems that many borrowers do not understand what to include when writing the bank. The most important part of the letter is the description of what happened to cause the crisis. This should be as detailed as possible, because lenders will want to make sure that it was an actual hardship that caused the homeowners to fall behind in payments. Something like a job
