An important factor of credit repair is informing your mortgage company that you are not capable of paying the said amount and wish to negotiate on it.
We borrow some funds when in need. These funds have to be repaid as per the decided rate of interest and the time in which it has to be repaid. Due to certain situations you might be unable to repay your loan. If the situation worsen you would also decide of filing for bankruptcy or resort to credit repair measures. However, before this you will have to inform the mortgage company that you are going through a tough time and you would not be able to repay the loan. You will have to also tell them why you cannot repay the loan. This gives you a chance to put a hold on the foreclosure procedure and help you reach on an agreement that will help you meet your financial responsibilities.
An hardship letter should include the following details:
Your name, date and details of your account and loan – Date of borrowing the loan, amount, rate of interest, pay back period, purpose of loan, account number, number of installments paid, along with the details for each of the points mentioned below -
All these factors will help present your scenario and convince the mortgage company that you are in a bad situation and cannot repay the loan.
Format of the letter:
This is again a formal letter. Keep the hardship letter precise and to the point highlighting all the important facts. This should not look like you are trying to get rid of paying back your loan. It should state that you are either asking for more time or trying to negotiate again on the terms of repayment so that it becomes more affordable for you.
Due to the global financial crisis, many homeowners are finding themselves unable to meet their financial obligations. Home foreclosures are at an all time high because of many different financial hardships. A hardship letter written to your mortgage company may be the only opportunity you have to save your home from foreclosure.
Follow these tips and instructions and refer to some hardship letter examples to draft a hardship letter to make situations more simple for you and help you in your credit repair measures.
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