Need a mortgage modification, you'll have to start with a hardship letter

Getting a lender to modify your mortgage is not a Sunday walk in the park. Like many things in life, thought is required. As this column in the New York Times points out, getting started on the right foot is essential. Especially when it comes to explaining why you need the modification.

HOMEOWNERS having trouble paying their mortgages may try to elicit sympathy from their lenders in long, emotional letters laden with woe.

While lenders do not have a heart, they

[D]o look for what is known as a hardship letter when a borrower applies for a loan modification. Such a letter is a requirement for modification applications under the government’s Making Home Affordable program.

Tips on writing a good letter:  explain up-front, in simple language, why you missed payments and how you propose to correct the situation.  Get to it first, because

The lenders’ loss mitigators, faced with mountains of modification requests, are unlikely to spend time reading more than the first few lines of each letter.

Lot's of good information in it, so read the full column. And good luck to you.

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. We are the title insurance agent that does it all for you.

If you would like to know what we can do for you or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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