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Can a Forebearance, or Hardship Letter stop a foreclosure?


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If you are interested in getting a loan modification to stop a foreclosure, or just to lower your mortgage payments, please visit my website at: We offer solutions that help the Buyer, Seller, and Real Estate Agent.

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Can a Forebearance, or Hardship Letter stop a foreclosure?

  1. 1. ==== ====To guarantee you get your mortgage reduced; or stop a foreclosure; check out this site: ====Do You Need a Hardship Letter? Are You Trying to Work Out a Loan Modification? Your financialhardship letter must be able to convince your lender that the situation that caused you to fallbehind on your mortgage payments was temporary, involuntary, and unavoidable and you are nowable to make your mortgage payments on time. (Incarceration, High Medical Bills, Damage toProperty, Payment Increase - from adjustable rate mortgage, are a few examples)Here is one example of a Financial Hardship Letter that a Mortgage Company looks for:If your situation is permanent, your lender may be willing to negotiate lower monthly payments oragree to take a deed in lieu of foreclosure. In most cases a lender will be willing to accept sometype of payment rather than go through the expense of foreclosure.There are many situations that can cause a homeowner to have a sudden or unexpecteddecrease in income or a sudden, unavoidable increase in expenses can cause a home owner tofall behind in their mortgage paymentsExamples of an unexpected decrease in income include:-Job loss-Permanent or temporary disability-Divorce or separation from spouse-Death of a spouse-Serious illness of a household income earner-Reduction of hours or wages-Forced to take a lesser paying job after a lay-off-Bad year for business or business failure-A sudden unavoidable increase in expenses can be caused by:-Natural disaster-Increase in property taxes-Job RelocationA well written hardship letter will include the following:Your contact info (name, address, phone, account number)Contact info for your credit counselor or attorney if you have oneDescribe what situation or circumstances caused you to fall behind in your paymentsSpecify how much you can pay per month and how soon you can start.If you have money saved, tell the lender you will pay them some or all of it as part of a work-out
  2. 2. plan. You may want to include a detailed budget of your monthly income and expenses and yourplan for making payments in the future.Name:Address:Mortgage Company:Loan Number:To Whom It May Concern:I am writing this letter to explain my unfortunate set of circumstances that have caused us tobecome delinquent on our mortgage. The main reason that caused us to have a hardship and tobe late is (insert reason here). This occurred on or about (insert date of occurrence here).Our situation has got better because (reason here). We would appreciate if you can work with usto lower or delinquent amount owed and or payment so we can avoid foreclosure and continueddelinquency.We truly hope that you will consider working with us and we are anxious to get this settled so weall can move on.Sincerely and Respectfully,Borrowers SignatureDateCo-Borrowers SignatureDateEliot Hobbs is a home builder, real estate investor, real estate agent, and short sale expert,specializing in quick-turning houses. More information can be found athttp://www.1stforeclosure.comArticle Source: ====To guarantee you get your mortgage reduced; or stop a foreclosure; check out this site:
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