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Sample Financial Hardship Letter for Mortgage Lenders
Sample Financial Hardship Letter to Mortgage Lender
If you are having trouble getting your lender to respond to your requests try sending a Respa "qualified written request" letter
Date: Lender Lender's Address Lender's City, State, Zipcode
Attention (Individual who requested information):
Subject: Your loan number
Your Name
Your Address
Your City, State, Zip Code
I am writing to explain the current financial hardships I am (my family) is facing:
Describe current state of mortgage (number of months deliquent; known decrease in property value)
Detail the facts of what caused the default (increased interest rates; laid-off; medical emergencies)
Provide an overview of current financial situation
Include actions taken or being taken to reduce expenses and increase income
Describe any financial counseling you have received
Outline your modification proposal
Include
whether you are requesting an interest rate reduction, extended
amortization, principal reduction, capitalizing delinquency amount,
moving from an adjustable rate to a fixed rate, or any combination
thereof.
Detail reasons why you believe this proposal will be successful
State a commitment to this process and your mortgage
Include
a statement of perferred times and methods of contacting the homeowner
and any counselors or attorneys if they are involved.
Sincerely,
________________
Your name
Attach copies of other requested information
Send the letter certified mail, return receipt requested
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This article is a guide to obtaining financial assistance through Cash for Keys programs that are available many of the largest lenders.This will help all those people who are facing several problems and are unable to get response from their lender.
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Really very useful post. This will help all those people who are facing several problems and are unable to get response from their lender. Also, i acquired certain pints on Obama's Loan Modification Program. Thanks.
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I have all the free forms,
I have all the free forms, loan modification agreements, paperwork, companies, government agencies, attorneys and ammunition for you to begin the fight to save your home. Please bookmark my blog or save it has a favorite because I update it regularly with important information. You can also subscribe right here if you don’t want to miss anything and have updates emailed to your inbox daily.
You can also download my free e-book on the right of my blog that includes everything you see below in an easy and down-loadable format. If you are in a hurry, I suggest you do that as opposed to going through the list below.
If you are a professional or a lawyer and are looking for the most complete guide available to help your clients, you can find more information or purchase my affordable 496 page manual right here.
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REFINANCE BEFORE I LOSE MY HOME
I'V BEEM SCAMMED I PAID A COMPANY MONEY TO GRT MY HOME MODIFIED IN MAY AND NOW CANT GET AHOLD OF THEM AND K&P HOMES IS WHO I BOUGHT MY HOME FROM HAVE STARTED FORCLOSURE PRECEDINGS AND WANT ME OUT WITHIN A MONTH.I'M A 51 YEAR OLD DISABLED WOMAN ON SSI I DRAW 674 A MONTH AND I'M RAISING A HANDICAPPED GRANDSON AND ON 7-2-09 I HAD A NIECE BORN ADDICTED TO DRUGS CPS HAD THE PARENTS SIGN OVER POWER OF ATTORNEY TO ME AFTER ZOEY(THE BABY)WAS BORN AND I BROUGHT HER HOME FROM THE HOSPITAL UPON RELEASE FROM THE NICU,AFTER THE PARENTS KEPT TESTING POSSITIVE FOR DRUGS AND REFUSING HELP THE CASE WAS CLOSED LEAVING ME WITH LEGAL CUSTODY OF HER.I GET 89 A MONTH FROM WELFARE AND 199 A MONTH IN FOOD STAMPS.I NEEDSOMEONE TO HELP ME FROM BECOMING HOMELESS WITH THESE BABIES SINCE I KNOW THEY WILL BE PUT IN FOSTER CARE IF I LOSE MY HOME.THE COMPANY IS 1st PACIFIC DEBT ASSOCIATES THEIR ADDRESS;1666 garnet avenue suite 225 san diego california 92109 their phone:1-866-829-6190 fax:1-888-811-8912 their email:www.1stPACIFICDEBT.COM I'M RHONDA WRIGHT ADDRESS:1717 PELICAN OVAL W AZLE,TEXAS 76020 PHONE:817-444-5658 OR 817-692-0302 EMAIL:RRHONWRIG4@AOL.COM I SENT THEM A POSTAL MONEY ORDER IN MAY AND WAS TOLD MY ACCOUNT FOR MY HOUSE PYMTS. WOULD BE FROZEN UNTIL THEY GOT MY MODIFACATION DONE THEY SAID THEY WOULD GET MY INTEREST RATE LOWERED SINCE THERE WERE AT LEAST 7 ERRORS IN MY PAPER WORK FROM K&P HOMES PLEASE HELP ME KEEP MY HOME ITS A MOBILE HOME ON A SMALL LOT AND I HAD ONLY 6 YEARS UNTIL IT WOULD HAVE BEEN PAID OFF.I OWE APPROX.25,000 BUT BACK IN MAY K&P TOLD ME IF I COULD COME UP WITH 15,000 THEY WOULD CONSIDER IT PAID IN FULL BUT I DONT KNOW IF THEY WILL STILL DO THAT AND THERE IS NO WAY I CAN COME UP WITH THAT KIND OF MONEY ANYWAY.PLEASE HELP ME OR PLEASE FORWARD THIS TO SOMEONE THAT CAN. THANK YOU AND I LOOK FORWARD TO YOUR RESPONSE.RHONDA WRIGHT
Avoiding Foreclosure
Please call "Making Home Affordable for help 1-888995-4673 to talk to a HUD-approved credit counselor who will guide you through your options for free.
They frequently have information on services and programs offered by government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are free of charge.
The website: http://makinghomeaffordable.gov/modification_eligibility.html
Call the lender who has your mortgage and ask for a GEM
For free legal help because you qualify for free legal aid:
www.lsc.gov
LSC PROGRAM
Legal Aid of NorthWest Texas
600 East Weatherford Street
Fort Worth, TX 76102
(800) 955-3959
www.lanwt.org
Texas RioGrande Legal Aid
300 South Texas Boulevard
Weslaco, TX 78596
(800) 369-0574
www.trla.org
Lone Star Legal Aid
414 East Pillar Street
P.O. Box 631070
Nacogdoches, TX 75963-1070
(800) 354-1889
www.lonestarlegal.org
To report the company for fraud call Federal Deposit Insurance Corporation
1-800-925-4618 explain your situation and they will be able to assist you about this fraudulent company.
You should be receiving more assistance with the children.
If all else fails then ask the company who has your mortgage for Cash-for-keys
How to Obtain Cash for Keys, Thousands of Dollars in Foreclosure Aid
Many Americans have, will, and are having to pack up and move due to a foreclosure sale of their residence. Some of these folks are Homeowners, some are renters, but they all have moving expenses. This article is a guide to obtaining financial assistance through Cash for Keys programs that are available many of the largest lenders.
Instructions
Things You'll Need:
* Phone
* A Few Hours
* Details of Foreclosure
* Mortgage or Lease Agreement
Qualify Yourself. The first step of this process is to make sure that you are an eligible applicant. The Cash for Keys programs are meant for folks that are occupants or tenants of a home that is scheduled for a foreclosure sale or has already been auctioned off in a foreclosure sale. The loss or future loss of residence will have upfront costs for the current occupants who will be forced to relocate. If this sounds like your current situation then you may very well be able to obtain a few thousand dollars of relocation assistance from your lender.
Understanding the Basics of Cash for Keys and Relocation Assistance Programs. Why is a lender willing to hand over thousands of dollars in funds to those Homeowners who defaulted on their mortgage payments, or those renters of which the lender is not obligated or directly involved with? Simple. It is cheaper for the banks to put up few grand with the understanding that the occupants will move out by a specified date and will do so with out destroying the property out of anger and spite.
Do Some Research. Before you contact your lender, or your old land lords lender, you should do your best to get an idea of what the lenders normal procedures and protocols are in regards to their participation (if any) in a Cash for Keys Program. This should give you an idea of how much aid you should push for and hard you should push as well as what method you should use to request financial assistance for the expected relocation expenses.
Create a Relative Game Plan. You are going to want to calculate how much the move is going to cost you and come to a bottom line figure. Compare this to the lenders historical payout amounts. You may want to make a few adjustments to your budget if it seems too much or too little. Use your best judgement.
Contact Your Lender. Next you simply have to contact your lender, or I should say the lender. Request the amount you calculated or see if they will make the first offer. If they approve 2500 then you should ask for 3000 and back it up with a need. If they don't agree to the higher amount you have not lost anything. Make sure you document everything and request all agreements in writing and then recourse follow through with all agreed obligations.
What is a loan modification?
A loan modification is when your mortgage note / loan is modified without refinancing. This may include a monthly payment reduction, a lower fixed rate and even a principal balance reduction which is common for homeowners with negative equity. Loan modifications are helping thousands of homeowners daily modify their terms & payments to one they can afford.
The LenderAid.org Program provides a free evaluation for struggling homeowners dealing with high mortgage payments or negative equity. Based on your situation you may be eligible for a principal balance reduction, a fixed mortgage rate down to 2% and / or a payment reduction up to 55% of your current payment. We simply collect your information and see if you are eligible for one of the many available loan modification programs.
What programs are available?
Understanding your options can get confusing. If you are searching online for help you may see many websites promoting "Government" and "Obama" Loan Modification Programs. The truth is there are several government backed loan modification programs such as the Making Home Affordable Program.
There are also many non government programs that have saved tens of thousands more homes than the government. Your situation and needs as a homeowner are going to dictate what is best for you. We provide a safe and secure option for homeowners looking for a honest solution.
Get a free consultation today to see if you are eligible for one of these many programs. Don't be fooled by loan modification scams get the facts today.
What is the Obama Loan Modification Program?
The homeowner affordability and stability plan (HAMP) worth $75 billion has been announced by President Obama. This is also known as Obama's Home Loan Modification. The principle of this plan is making the loan modification affordable. Obama's Loan Modification Plan is constituted of two parts.
Part 1: One part of the HAMP has been designed to help the homeowners whose homes have depreciated and because of this they have not been able to avail the refinance.
In fact the current loan value is more than the real time value of the house. This plan is for those people who have availed the earlier loan from Freddie Mac or Fannie Mae.
Part 2: The other part of HAMP is tailored to lower the monthly payments for debtors on the brink of foreclosure. This modifies the mortgage and lowers the monthly payments. Unlike the first part, this part does not require Freddie Mac or Fannie Mae to be the first lenders.
Simply fill out the short form above to get a free evaluation or call 1-888-566-9314. You may qualify for the relief you need.
Are you unemployed and worried about qualifying for mortgage assistance?
OBAMA ADMINISTRATION ANNOUNCES ADDITIONAL SUPPORT FOR TARGETED FORECLOSURE-PREVENTION PROGRAMS TO HELP HOMEOWNERS STRUGGLING WITH UNEMPLOYMENT
Treasury’s Hardest Hit Fund Will Provide $2 Billion of Additional Assistance in 17 states and the District of Columbia; HUD to Launch a New $1 Billion Program to Help Unemployed Borrowers in Other Areas
WASHINGTON – The Obama Administration today announced additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs. Through the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund), the U.S. Department of the Treasury will make $2 billion of additional assistance available for HFA programs for homeowners struggling to make their mortgage payments due to unemployment. Additionally, the U.S. Department of Housing and Urban Development (HUD) will soon launch a complementary $1 billion Emergency Homeowners Loan Program to provide assistance – for up to 24 months – to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition.
Hopefully this will be of some help to you and my prayers and heart goes out to you.
Sincerely,
Grandmother to Grandmother
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Our reviews of these reports are part of our normal review process in that they involve an exchange of comments and responses with companies as well as amendments to their filings where appropriate. In our normal review and comment process, we may raise different issues with different companies depending upon the facts and circumstances of each company and its disclosure.
___________________
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