Loan Modification Hardship Letter - If You Are Unemployed, Admit It!

A loan modification hardship letter is often described as the most important part of the loan modification application package. This is the tool with which you present your dilemma to your lender, explaining why you are behind on your mortgage.

Whether you are anticipating being eligible for a loan modification through the Making Home Affordable Program or you are applying for the bank's own foreclosure prevention programs, you will need to compose a hardship letter. You will also be asked to fill out an RMA form that contains a Hardship Affidavit, but this form allows very little space for making your case.

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It was always recommended that homeowners make their hardship letter clear and factual, explaining how they got in their financial situation. How did your income go down or their expenses go up to render your house payment impossible to afford? It should not be long, and it should not be a soppy, whining epistle. 1 ½ pages is the very longest letter you should write.

You should always include the improvement in your situation, putting a positive light on exactly what you have done to move foreword. The rule has been to have a balanced letter, with both the cause of the problem and the solution. If your income has been reduced, you should show your stability and ability to pay a lower house payment in the future.

However, if you are unemployed, you should now make that very clear to your lender. There are new programs available through the Making Home Affordable Program specifically geared to help job seekers avoid foreclosure while they are out of work.

Your loan modification hardship letter is your opportunity to get the help you need from your lender to avoid foreclosure. Thanks to new modification programs for the unemployed, you should explain that to your lender.

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