Continuing in our series on how YOU can negotiate with your lender to avoid foreclosure and KEEP YOUR??HOME. we are looking at some tips for negotiation with your lender.
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Your Hardship Letter is your chance to lay-out your case for Forbearance or Loan Modification before your lender.?? You need to make your lender see your difficult situation and believe in you when you say that your hard times have past and you are ready to move forward financially.
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A good hardship letter literally opens the door to you to begin negotiating with your lender, and a great Hardship Letter not only lays out the facts of your circumstances, but also includes the compelling human element.
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Bring your lender into your life by sharing some of the details of your hardship.?? A living, breathing, feeling person will be reading your letter and determining whether your hardship was legitimate and whether or not you are credible.?? Give your letter real feel, but don???t go overboard!?? Build your case by providing the lender with documents like letters from your doctor, layoff notices, notices of cancellation of insurances, anything that cultivates empathy to your situation what you are up against.
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If you are trying to negotiate for a Forbearance Agreement, you should focus your letter on these three things:
1.???????????? The circumstances leading up to your delinquency were beyond your control
2.?????????? The fact that your hardship was temporary and has passed
3.???????????? The fact that you have moved past the situation and that you are on solid financial ground.
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When negotiating for a Loan Modification, you should focus your letter on your commitment to your home.?? Most people think that their lender won???t consider ???adjustment shock??? (a drastic change to your adjustable rate mortgage) as a hardship but more and more lenders are accepting ???adjustment shock??? as a hardship.?? Whatever your circumstances you want to make it very clear to your lender that once your modification is approved you will be committed to doing what it takes to stay current on your mortgage.
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Make certain you avoid the temptation to assign blame in your Hardship Letter, even if you feel you need a loan modification because you were sold a bad loan product.
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Be careful not to engage in the blame game. If you feel that you need a Loan Modification because you were sold on a bad loan product, say it in your hardship letter without pointing an accusing finger.
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A free do-it-yourself modification kit is available at MBA Commercial .
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A ??free 24 hour recorded message explaining ??loan modifications is available at 800-958-1952 .
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