Hello guys today we are going to talk about your hardship letter. So, when you're applying for a loan modification, you really want to think about what the purpose behind your hardship letter is. Generally understanding what you're trying to convey with your hardship letter is important when you're applying for a loan modification or a repayment plan. Something to keep the home you're trying to let the bank know that you underwent financial hardship, but since then have recovered. If you're applying for something to get out of your debt- like a short sale or a deed in lieu- you want to make your financial hardship sound like you have not recovered at all and that the mortgage payments are very unaffordable. So, before you actually sit down to write your hardship letter, ask yourself what am I trying to do? If you're trying to stay making your hardship letter sound as if you have this disastrous ongoing financial hardship that is not resolved, is not the way to go. If you're trying to get the bank to agree to settle a debt deficiency, you want to make your financial hardship sound as long and as ongoing as possible. So, there are five main common financial hardships that banks recognize as reasons for default. The first of the five is job loss. This is the most common reason people fall behind on default. And, it's also the most cut and dry. If you're someone who after you listen to this video realizes that you have multiple hardships going on like multiple of the five we're going to talk about, but you did suffer a job loss in some way that caused you to default on your mortgage, you want to choose job loss as the hardship reason to focus...
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About Fill In Blank Hardship Letter
A Fill-In-Blank Hardship Letter is a template or form that allows individuals to express their financial difficulties and request assistance from a person or organization. It is typically used by individuals who are facing a challenging or distressing situation that has impacted their ability to meet financial obligations. This type of letter is commonly needed by individuals who are experiencing financial hardship, such as job loss, medical emergencies, unexpected expenses, or a significant reduction in income. These hardships can make it difficult for individuals to pay bills, including mortgage payments, rent, medical bills, or credit card debts. The Fill-In-Blank format simplifies the process of writing a hardship letter as it provides a structured template with placeholder content or instructions. This enables the person in distress to insert their personal information and details relevant to their situation, ensuring that the letter accurately reflects their circumstances and requests for assistance. By using a Fill-In-Blank Hardship Letter, individuals can convey their financial hardships effectively and seek assistance from lenders, creditors, landlords, or other relevant entities. This type of letter aims to explain the reasons for financial difficulties, demonstrate a genuine willingness to fulfill obligations, and request leniency, modified repayment plans, debt relief, or any other form of support that may be available. Ultimately, a Fill-In-Blank Hardship Letter enables individuals to articulate their circumstances coherently and present a compelling case for aid, often increasing their chances of receiving assistance during a challenging period in their life.
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