Hardship Letter Example For A Mortgage Loan Modification

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Even a little extra money paid in the beginning pays huge dividends in the long run; because the huge interest charges early in the loan really cause whirlpools in the bottom line! Most home buyers aren't aware that they can easily lower their interest cost, and apply a lot more to the principal instead. Far too many home buyers fail to make the simple corrections! Although once we see the significance of paying down the principal, and follow our proven method, they get on track to pay off their 30 year mortgage rate history chart very early; often in as little as 8 1/2 years.

Phil Jackson of Marysville, WA said his FICO scores dropped from the mid-700s to the mid-600s after his lender put him on a trial modification and reported it as a partial payment. On the plus side, the trial modification has cut his monthly payment by $1,150.

While mortgage fraud obviously has been too big to curtail are we now going to begin preventing mortgage fraud. The prevention begins not with millions, not with thousands, not with hundreds, but with one: one loan officer, one loan office, one mortgage company, one real estate agent, one credit reporting agency, one underwriter at a time.

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There are three things the banks are looking for in a successful hardship letter, and the better you can express why you need the loan workout and what makes you a good candidate to receive a modification, the more likely you are to get the modification.

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