| At this point you've probably begun hearing a lot about | | | | the crisis that caused you to be writing this letter in the |
| mortgage loan modifications and how they benefit | | | | first place. What are some examples of |
| homeowners. Homeowners can obtain modifications | | | | honest-to-goodness hardships? Things like layoff, pay |
| through the federal government or through their | | | | cuts, death or disability of a household wage earner, |
| mortgage lender, each of which have their own criteria | | | | divorce, medical bills, or natural disaster, to name some |
| and processes. An important thing to know is that | | | | of the most common. |
| demonstrating a significant financial hardship is key to | | | | If your hardship isn't similar to the ones listed above, |
| getting approved for a modification. | | | | your odds for modification are slim. If the hardship isn't |
| Have you become delinquent because of irresponsible | | | | something major or beyond your control, it probably |
| behavior? Or do you just want a break on your | | | | won't tip the scales in your favor as far as loan |
| mortgage so you thought you might look into | | | | modification is concerned. |
| modification? If the answer to either of these questions | | | | If one of the hardships above fits your situation and |
| is yes, it's not likely that you'll get your mortgage | | | | you're now wondering how to cough up the money for |
| modified. If you are in dire financial straits and have | | | | your next mortgage payment, relax. You've got plenty |
| experienced a difficult financial adversity that caused | | | | of options, but you need to act now. Contact your |
| the problem, then you could be a good candidate for | | | | lender and ask about alternative repayment plans |
| modification. | | | | including loan modification. Loan modification is not right |
| Proving financial need is the first step. Your financial | | | | for everyone, but it could be for you. |
| hardship letter to your mortgage lender should explain | | | | |