When you are up against the wall with your home mortgage, a loan modification can be what allows you to stay in your home. A lot is riding on the loan modification hardship letter you must write as part of your application package. This is the main tool you have to present your case to your lender, showing them why you are deserving of a chance to rework your mortgage.
Here are some tips to help you as you prepare this important piece of your presentation.
The first issue you must be conscious of is the length of the letter. The first instinct might be to go into great detail about the situations that have happened to you to cause your financial problems. You may feel you are helping yourself by a wordy, emotion-filled explanation.
The opposite is true. Your document is landing on the desk of a very busy and overworked loss mitigation representative; they do not have the time to read a long diatribe. This document should only be 1 to 1 1/2 pages long at the most.
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