Are you a homeowner looking for sample mortgage modification letters to base your own hardship letter off of? Trust me, you're not alone. It seems like there are things you should and shouldn't do on your modification letter and if you mess up with even one part, you're whole application is out the window. I've created a sample Obama Mortgage Help letter for you to look at and see how it's done. You can't risk not having your loan modification application approved just because of a letter.
Every homeowner has their own story of how they came to not be able to afford their mortgage payments. The one below is based around a rate increase, but you may have an entirely different circumstance. No matter the reason you can't make your payments, you need to be as clear as possible on the reasons why.
Sample Mortgage Modification Letter
Account Number:
Name: (The one the loan is under, and maybe your own depending on circumstances.)
Address:
Phone Number:
Email:
The lender that you're affiliated with will have a loss mitigation department where you can ask questions and request paperwork or find out where to get it even sooner. Once you have requested the information that your lender requires, fill out the forms and send it in via fax, snail mail, or email-however they want it.
Stay on top of the status of your application. Persistence with representatives is key. You will draw flies with sugar not vinegar, right? Find out what your lender requires for you to take part in the program. Do you have to remain a payment behind to be eligible? The more questions that you ask, the faster your results.
(Propose the interest rates you are looking for.) We are requesting a locked and decreased rate in our interest. The rate we have come up with that would be manageable is 7.25%. It is lower than our old rate, but we had enough trouble paying at 7.85% and were even late on a few occasions in the past year. 7.25% is well-within our budget and we feel it is a reasonable rate for both parties.
(State your intent to continue business with the lender.) We would much rather negotiate a new rate with you than go into foreclosure. We have been living in this home for 8 years now and have no interest in finding a new place to live. We are very comfortable here and are hoping to give the home to our children one day. If we could come to some sort of agreement about a new, lower rate I think both your company and my family will be pleased with the outcome.
Thank you for your time and consideration.
Sincerely,
Name
Every homeowner has their own story of how they came to not be able to afford their mortgage payments. The one below is based around a rate increase, but you may have an entirely different circumstance. No matter the reason you can't make your payments, you need to be as clear as possible on the reasons why.
Sample Mortgage Modification Letter
Account Number:
Name: (The one the loan is under, and maybe your own depending on circumstances.)
Address:
Phone Number:
Email:
The lender that you're affiliated with will have a loss mitigation department where you can ask questions and request paperwork or find out where to get it even sooner. Once you have requested the information that your lender requires, fill out the forms and send it in via fax, snail mail, or email-however they want it.
Stay on top of the status of your application. Persistence with representatives is key. You will draw flies with sugar not vinegar, right? Find out what your lender requires for you to take part in the program. Do you have to remain a payment behind to be eligible? The more questions that you ask, the faster your results.
(Propose the interest rates you are looking for.) We are requesting a locked and decreased rate in our interest. The rate we have come up with that would be manageable is 7.25%. It is lower than our old rate, but we had enough trouble paying at 7.85% and were even late on a few occasions in the past year. 7.25% is well-within our budget and we feel it is a reasonable rate for both parties.
(State your intent to continue business with the lender.) We would much rather negotiate a new rate with you than go into foreclosure. We have been living in this home for 8 years now and have no interest in finding a new place to live. We are very comfortable here and are hoping to give the home to our children one day. If we could come to some sort of agreement about a new, lower rate I think both your company and my family will be pleased with the outcome.
Thank you for your time and consideration.
Sincerely,
Name
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