Associated Mortgage Negotiators

of America, LLC
 
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Every mortgage has guidelines for a short sale or loan modification.  Knowing the options contained in the guidelines is the first important step. 

The mortgage service company that collects your mortgage payment each month works only for the owner of your mortgage loan.  Most of the time the mortgage service company does not own your mortgage but acts as a collection agent for the real owner of your mortgage loan.

 

 
A Hardship letter is something most Mortgage Service Companies will require to consider you for a short sale or loan modification.  It is an appeal to them work with you through a difficult time.  It is not a forum for complaint.  This letter must be honest and represent the facts clearly.  It must clearly describe the involuntary circumstance that caused you to fall behind.   Following is an example of a Please allow us to get you the foreclosure advice you are seeking. We can stop foreclosure on your home.

Your Name

Your Address,

City, State Zip Code

Loss Mitigation Department

Your Mortgage Company

Address

City, State Zip Code

RE: Your Loan No: (your Loan Number)

      The property address

I/We, (Your Name), are requesting that you review my financial situation to see if I/We qualify for any workout option.

I/We are having problems making my monthly payments because of financial difficulties created by an involuntary loss of income due to:

Unemployment
Reduced Income
Divorce
Separation
Medical Bills
Too Much Debt
Death of my Spouse
Death of a family member
Payment Increase
Business Failure
Job Relocation
Illness
Damage to Property
Military Service
Incarceration
Other (Please Specify)

This difficulty or situation happened on or about this date ??????.

When I/We purchased the property my/our income was strong and stable.   Borrower's  income came from doing  ???? for ??? years.   Co-Borrower's income came from doing ??? for ??? years.

A brief account of the situation explaining why you can no longer afford the mortgage payment.

Borrower’s Signature     Date

Co-Borrower’s Signature  Date

Remember... the hardship letter is just on piece of the workout puzzle. You'll need to meet other criteria for the mortgage company to approve you for a workout.  If you don't know where to start, give us a call.
 
     
 
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