The first lady we talked to we told her we wanted to make a payment, she told us to hold on, she needs some info from us, like how much income, how much is spent on gas, utility, etc… Then she told us we might qualify for a loan modification, she wanted us to send papers, etc…

Here is a review for Chase Student Loan Consolidations

We did the loan mod papers before, but they told us they didn’t get our bank statements when we did send it in. They said they wanted ALL the papers even though it only said page 1 of 1! And after hearing the horror stories I didn’t really wanted to go through with the process anymore. So we decided to try to make double payments per month instead.

Only for her to say afterwards “We can’t accept your payment.” She also told us our loan is in good standing and not in foreclosure status?! Then why can’t we make our payments? I didn’t get it.

The only time I heard from them when you can’t make your payments anymore is when its in foreclosure…

So I told the hubby to call again and he talked to someone different. This time a guy. We told him we wanted to make 2 payments. He says okay, puts us on hold twice. Then comes back and says he couldn’t do it “the MANAGER told him he couldn’t do it”. Told us to do the loan modification papers. He also told us he went and asked the manager twice- I could tell he was trying to do it for us and he felt really bad.

The manager won’t accept the 2 months payment, only DOUBLED that or the FULL payments missed. If I could do that, I wouldn’t call them now would I!

Why in hell they accepted my payments before only to tell us now they don’t accept it anymore when they told me my loan is not in the foreclosure status anymore?

They are only trying to screw me over by making me miss more payments and get it in foreclosure status again! Is there anyone I can talk to to stop their scams?

Read more loan consolidation reviews – http://studentloanconsolidation-companies.com/chase-student-loan-consolidation-review/

When writing a hardship letter you need to state your main objective about writing a hardship letter. Be truthful on your real situation. Attach supporting documents and offer a loan modification that is equally in favor to both lender and the loaner.

Writing a hardship letter is just easy as you would ever want to know. Here are some examples of hardship Letter

A hardship letter sample for Job relocation

Date

Lender Name

Lender Address

Your Name

Your Address

Your Loan or Account Number

Dear _____________,

I am writing a letter to you as to request for assistance with a loan modification plan.

I value my home and want to patch things to keep it.

I understand that (state the company) has endowed me to process my ownership of the house as possible. I still want to make it up.

This letter implied the hard times that I was affected with my finances when my boss relocated me at (state the country) a few months ago. This is the reason on why I fall behind on my mortgage obligation. Now I need to go back on what I have started and ask help for this matter.

I am able to make my monthly payments and ask for an adjustment of my payments. I am struggling to make a full payment for those delayed months.

I have attached here the letter of my job relocation, my monthly expenses. May I request a temporary reduction in my interest rate and payment until (insert month) or at least (insert percent and or payment). This could help me to ease the pressure.

I sincerely believe that this modification would allow me to update my mortgage so that I could go back in the usual terms.

I am hoping for a consideration to this request.

Thank you and more power!

Hopefully,

Your name and signature

Another Hardship Letter Sample

Name: (Your Name)
Address: (Address of Property)
Lender Name: (Lender)
Account no.  (Mortgage #)

To Whom It May Concern:

I am writing to state my hardships and asking for a modification of my delayed monthly dues. I know that I have neglected to be updated on which have caused me to fallen short. I really want to keep the house since it was a part of my life and I would really appreciate the opportunity to do that.

Changes were started when I got job relocation to (place/area) last (Date).  It was a very hard situation for me.  I’ve tried to calculate on my expenses but it can’t reach the rate. I have to pay for rentals and others bills which give fills up pressures for me.

I can pay the house if you could help me to this favor.  Kindly check on my monthly income and expenses. As you observe, if you could allow my loan modification request, to reduce my monthly payments to the amount of (amount). I would be able to manage my money for my mortgage expenses and never delay a payment again.

I am hoping for a consideration. With your assistance, I can go on with my life and face my obligation.

Truly yours,

(Name, signature and date)
(Address of Current Location)

A hardship letter is a written detail on what grounds have set you to become delinquent on your mortgage and is essential in helping you prevent the foreclosure. It describes your current situation that affects your ability to meet your financial obligations.

Always keep in mind that you are composing the hardship letter for your creditor or service provider. You do not need to tell story about your life situation. Just inform them truthfully about the hardship you have been encounter that causes you to miss deadlines of your payments.

In writing hardship letter, make certain that it is short and straight to the point. Much elaboration might loss the interest of the reader and may cause most likely to reject your proposal.

Common reasons why you need to write a hardship letter

1. You are struggling with high mortgage payments and you may be looking for a loan modification.One item that the creditor requires is a hardship letter.

2. You need to short sale your house because you can no longer afford to pay the amortization because of the hardship you are currently experiencing. In order to approve your proposal you need to write a hardship letter.

3. Your house is  recommended for foreclosure  but you can’t afford to lose your home . You have to write a hardship letter to your lender and apply for a loan modification.Your Hardship Letter must be credible and believable.

Sample of hardships that are considerable to the creditors

• Adjustable Rates Mortgage Reset Payments

• Serious Health Problem

• Reduced Income (for business)

• Failed Business (bankruptcy)

• Job Relocation

• Death of Spouse

• Incarceration

• Divorce

• Marital Separation

• Military Duty

• Medical Bills

• Damage to Property (natural or unnatural disaster)

Tips on How to Write A Credible Hardship Letter

1. Think about the current hardship your experiencing .

2. You have to write down all of the valid reasons why you can no longer afford to pay your mortgage.

3. Analyze all the possibilities that causes your hardship.

4. Choose the the most weighted reasons that affects most  of your prevailing financial situation.

5. Make an outline of all important matters the you should write on your hardship letter.

6. Now you are ready to write your hardship letter.Keep in mind that you are writing a business letter too.

7. Please keep it short.Although the content of your letter is all about your current situation, you don’t need to tell all your life story. it must be brief, logical and comprehensive.

Below is a sample of a hardship letter

Name:(borrowers name)

Address:(borrowers address)

Lenders’ name:(borrowers’ lender name)

Loan number:(borrowers loan number)

Dear Creditor,

This letter is intended to explain my current financial situation which causes me to become delinquent in paying my mortgage.The main reason of my delinquency is that I lost my job due to retrenchment. The company where I am  working  had experience market drop down that forced them to retrench some employees and i was one being hit by the circumstances.I tried every possible measures like venturing into a business of little bakeshop using my little savings but its’ income is not enough to finance all of my payable and our daily expenses.

Honestly,I have no intention of getting away from my obligations because I want to maintain a  good reputation in your bank. But my current hardship situation have  made me delinquent in paying my  monthly amortization and might stop to paying you for the meantime.I can’t afford to lose our home because its all that I got. So I am asking for your leniency. I believe that my situation is just temporary and by the time I recover from this misfortune I will be able to pay my mortgage from your bank.

Sincerely yours,

Borrowers name and signature

1. Is there a specific loss mitigator assigned to you? (this is the individual to address your hardship letter to)

• What is their address?
• What is their fax number?

2. What is your goal with respect to your home? To keep your house? To get approval for a short sale? Ask for a deed in lieu of foreclosure?

3. What was the cause of your hardship? (50 words or less)

4. Is the hardship now resolved?

5. Do you have a plan to end your default? What is it?

6. Describe your overall income and expenses (Financial situation) in less than 25 words.

7. Do you have money saved to put into our workout plan? Is the lender aware of this?

8. List any and all partial payments. If they were returned to you list what you have done with the money.

9. List any changes in income or expenses that you predict may happen during the workout plan.

www.hardshiplettersample.com

10. List current address and phone numbers. If either has changed this should be conveyed to the lender as this is the address where the workout package will be sent.

11. Your Attitude. Is the hardship letter unemotional and straight-forward?

12. Choose someone to read and critique your letter.

13. The Hardship Letter

• Read over
• Friend reads it over
• Make edits
• Friend reads again.
• Make final edit again

14. Is all the information included in the package?

15. Fax the information to the proper person.

16. Follow-up call: Call your specific loss mitigator for assurance that they received the fax. Tell him, or her, that the package will be forthcoming.

16. Send your package by certified mail with a receipt request.

17. Follow-up call: Call your specific loss mitigator to see that they received it.

Your financial hardship letter should include the following standard things:
· Your full name as it appears on your current mortgage papers.
· The address for which your mortgage is drawn on
· The complete name of your financial institution with your full loan number attached as it appears on your mortgage papers.
Once you have the basics that you need to add, you can begin to write your letter. No sample letter that you read can convey your personal situation like you can. While format is important, nothing is more important than you personalizing your story to the loss mitigator in your own words. Try, if you can, to obtain the name of your loss mitigator to further personalize your letter. If the loss mitigator sees you as a person, it is more difficult for them to compartmentalize your letter and set to the side.
An example of how your letter should flow is:
Dear (insert your loss mitigator’s name):
I, (insert your name here) am writing you this letter to appeal to you for your assistance. Due to the following circumstances (personalize what your personal financial hardships are here) I am in default on my current mortgage. We’ve exhausted our savings and have come up empty with any other solution to our current situation. Any help that you could provide would be greatly appreciated, as we seem to be treading water right now. This is our formal application for a mortgage loan modification that would include past due default payments as well as any late charges.

Make sure your letter is as clear and to the point as possible. This is not your life story but you do need to be sincere without overdoing it. Be sure to include the approximate dates that you started having financial trouble and what you are doing to make the situation better. Stress the fact that a mortgage loan modification would benefit everyone involved and allows the best possible mutual results.
Sincerely and Respectfully,

Your Signature

Print Your Name Here Also

Date

Again, no sample letter can address your personal financial situation better than you can, but following template could help to expedite the process and personalize you to your financial institution and your loss mitigator.

items:

1) The Hardship Letter

2) Workout Proposal: This is necessary if the plan is not described in your hardship letter.

3) Financial Statement: (Some lenders will have the forms on their websites)

• Income
• Expenses
• Assets
• Liabilities

4) Required Documents by Lender: (All lenders will request basic documents, but make sure to find out any extra ones a particular lender may need)

a) Tax Returns: Recent and back as many years as the lender requires.

b) Pay stubs from all employment: Current ones.

c) Home agreements and documents if proposing a short salew.hardshiplettersample.com

d) Appraisal or Recent Broker’s Estimate (You don’t need to get an appraisal until the lender asks)

e) Specific Documentation:

• A letter from a new employer
• Bank account of money you are willing to put toward the offer

1) Do Not Write a Personal Letter

The hardship letter is being written to a business person, so it has to be a business letter, regardless of the emotional attachment. Make sure that this is the tone from the start and stay focused.

Present the Facts: To the lender, the issue is that you are behind in your payments. They realize that you may have dealt with some bad luck along the way, but they do not need to hear that someone broke into your car and stole your laptop, or that your front steps need repair. As much as that is important to you, they just need the facts in plain English.

Think in the Third Person: When you are writing, try thinking that you are composing someone else’s letter. Sometimes this takes the emotion out of it.

2) Do Not Ramble

Remember that the loss mitigator’s time is precious. With the economic situation in the country, he, or she, will be given a terrific case load. Sometimes they will have 100 to 500 homeowners just like you. It is a huge task to keep track of all the cases.

The good news is that they get paid to put non-performing loans back on track, so they are motivated to move as many completed hardship packages as possible through the loan program. Therefore, trying to pick out useful bits of information from 3 to 4 pages of emotional text is counterproductive when they could be moving through applications with concise, easy-to-read information. Yours may be tossed to another pile entitled: “If I have time to get around to it.”

3) Do Not Forget Any Critical Information

If an important part of an application package is missing, the whole application will be returned. However, because they are busy, the lender’s assistants may not get it back to you for weeks. This is time wasted, and all the while you are thinking the application is being processed. So, rather than putting your application through the process, the loss mitigator will have to waste time going through the application a second time, and you will have an extension to  your frustrating wait.

Items You Need:

a. Loan account number

b. Current contact information

c. Address of the property.

d. The reason, or reasons, why you are in arrears regarding your payments.

e. Your plan of action (The type of relief workout you’re seeking to get back on track).

f. Concise overview of your income and expected expenses (As a budget spreadsheet, or other financial details, will be included in the hardship package. This part does not have to go into great detail.)

g. Changes in anticipated income, or expenses, in the foreseeable future and a

h. Your reasons for your commitment to the plan and how you intend to make it work.

i. Money saved, if any, to add in toward the workout plan.

j. Returned payments, if any, and where this money is now.

4) Do Not Send in Your First Draft

Put it this way. You would not put primer on a wall and then leave it in stark, flat white would you? This works for writing your hardship letter as well. You have to hone it into an effective tool that will help you get out of a financial hardship. It is important that you do not send in the first page that come off of the printer. This mean providing the loss mitigator with the exact information they need to carry on with the process.

Therefore, you need to:

a. Itemize all of the information that has to be in the letter.

b. Get your first draft ready.

c. Pare it down to the vital information.

d. Get it reviewed by your friend, or another whom you respect, and listen to

their feedback. The reader should know what the aim of the letter is and what

pertinent information should be included.

e. Re-write your letter and get him, or her, to read it again

f. Write the finished copy

5) Do Not Send It to the Wrong Address

Check and re-check the address. If sent to the wrong location it will probably come back, but when? Think of all the lost time: days, weeks.

The Right Person: Make sure you have the exact name and department of the loss mitigation person and send to his or her attention. For added security: Fax it first, then Send by certified mail with return receipt

6) Do Not Send the Information in More than One Package

Again, put yourself in the shoes of a loss mitigator. There are hundreds of hardship applications in piles on your desk and many of them are incomplete. Every day dozens of documents come into your office that should have been

included in the original package and now you have to direct them to the right packages. How frustrating would that be? In addition, if one piece of paper necessary for an approval was misfiled, then that application would be deemed

incomplete. Therefore, have everything in the hardship package and ready to send, before mailing it. As was mentioned before: Fax it first, then Send by certified mail with return receipt Spend the extra few dollars on a receipt to make sure that the package arrived safely at the proper destination and that you know the name of the person who

received.

Few People Think Business-Like: Because so few applicants follow this procedure, your business-like approach will set you apart from the hundreds of applicants seen by this loss mitigator. So again:

*A short, to-the-point application sent in a professional manner with a return receipt will get you results*

If a person under financial stress would sit back and think long and hard about his or her situation, moving might actually turn out to be the best situation. It could be that giving up the house is the less stressful alternative and would end the financial uncertainty quickly, without too much damage to the credit score. This option should be seriously considered, along with taking the emotional aspect off of the table. A person who has little means in which to pay the mortgage – and it appears that there are few financial options available in the foreseeable future – it might be wiser to sell the home rather than maintaining a stressful fight to keep it.

Big Decisions to be Made

The decision to stay or go is not an easy one, but a plan should be made quickly using all of the information you have gathered. Making up your mind to stay or go is just the beginning of the process. Next you need to find out what plans are available to you..

• Will you need a special forbearance for your situation?
• Is a short sale right for you?
• Can a loan modification get your mortgage back on track?

This is the time to put your emotions aside and concentrate on researching the options. Figure out what is the best option for you and your family. Because your hardship letter is both your heart-felt admission, and facts-and figures recommendation, to the lender on how you think the problem can be fixed and what you plan to do about it. Remember, they don’t have to go along with your recommendation, so the fact that you are giving them a Realistic, and very-workable plan, shows them you take this very seriously

Some of the sample letters

Some of the sample letters related to credit and debt that may be of some help to you are:

1. Dispute letter to the credit bureaus – You will be able to find a dispute letter that you can send to the credit bureaus in order to dispute with any of the wrong listings on your credit report. The wrong listings can include debts that you are in no way related to, wrong debt payments, unauthorized inquiries and so on.
2. Debt validation letter – Debt validation letter is the one that is sent to collection agencies. This letter helps you to find out if the debt that the collection agency is trying to collect from you is at all a valid one.
3. Debt settlement letter – The debt settlement letter is the one that you are required to send to the creditor if you would like to settle the outstanding debt amount that you owe to the creditor. If you are having problems in making payments in the debt, you can send debt settlement letter to the creditor.
4. Cease and desist letter – Cease and desist letter is generally send to a collection agency and may be also to a creditor if you think that you are in no way responsible for the debt that they are trying to collect from you.
5. Motion to vacate a judgment – This sample letter can help you form a letter in regards to vacating a judgment. If you think that you were not served with the court document or summons, you can file a motion to vacate the judgment.

All of these letters are important for you to complete the credit related issues. Almost all of these letters help you in debt management as you can use these letters to remove any of the wrongly reported listing from your credit report or use them in any kind of other payment or debt related discrepancies. Another important thing that you should remember is that you should send these letters through certified mail requesting a return receipt or CMRRR so that you are able to retain proof that you had sent the letter.

If it hasn’t been resolved, your lender will not be able to offer you a loan re-negotiation. Why? This is because the lenders are not legally allowed to begin a new agreement with you if you cannot meet the conditions of the re-negotiation plan.

If you find yourself in this situation there are three (3) options:

1. Increase your household income

2. Reduce expenditures

3. Resign yourself to giving up your home

In a nutshell, if your situation is not resolved, or cannot be “qualified,” then your lender is not under any obligation to deal with you or offer you a loan remediation program. However, the key thing to remember is to leave this decision up to him or her. In other words:

It doesn’t matter if you feel that the lender will think your hardship is your own fault, or has been unresolved, send in the hardship package and accompanying letter

Why? There is always a chance it will be accepted. You see, with the national economy the way it is, lenders are under a lot of pressure to help homeowners get relief whenever they can. If you can show that you have the ability to meet the payments, they will probably qualify your application, even if they know the financial hardship was on your shoulders. Don’t mope or seek sympathy, just give them what they want.