Hardship Letters - A Key to a Successful Loan Modification

The following are the lenders qualifications to modify your loan. Most borrowers will meet these requirements. Keep them in your mind, when speaking to the lender.

o Commitment to the Lender
o Commitment to the house
o Ability to pay (the most important requirement)

A great hardship letter must be included in your loan modification package to the lender, before the lender will even consider stopping your foreclosure.

The hardship letter must include the loan number, primary cause of default and a detailed summary of what caused the hardship that allowed you to become defaulted in your mortgage, and your current ability to pay the mortgage.

An example of all of the elements needed in a compelling Hardship letter includes:

Read rest of article here