Hardship Letter Sample to Stop Foreclosure - The Crucial Step to Stop Foreclosure
J.J. Yong
For many of those out there that are struggling to keep their homes because of foreclosure problems, worry not as there is an effective solution for all of you! This functional and effective solution is called the hardship letter, and it is a proven method that has been used for years for those facing foreclosure troubles to negotiate and reason with their creditors to obtains themselves better mortgage deals, subsequently salvaging their homes and not having to move out! Stop foreclosure now by using this brilliant method, but how does one write a hardship letter effectively? Let us look at exactly how this can be accomplished, paragraph by paragraph:
1) Paragraph One - this paragraph would require you to include your personal information such as name and contact information, in addition to the mortgage information that is in question such as account number, total owed, interest rate and outstanding balance amongst others
2) Paragraph Two - this part of the letter would explain your current financial predicament, including the difficulties and complications that you are facing currently that has made you unable to pay your monthly mortgage payments on time. You would also be required to attach supporting documents termination order, medical bills and even divorce settlement letters as proof if that would help your case
3) Paragraph Three - this segment lets you propose a solution or a settlement plan to your creditors so that they allow you to remain in your home and avoid foreclosure. In your plan, your should include information such as total settlement figures, the method of which you will be paying your creditors, monthly payment amounts, duration of the settlement as well as other relevant details
4) Paragraph Four- this part of the letter allows you to state your conditions and terms in case the creditors agree to your settlement plan. The most important portion here is that your creditors have to agree in writing that the amount that you are settling is considered the full amount owed with discount, and therefore you are not liable for any more debts once you have settled the amount that is agreed in your settlement letter. This would also assist in making your credit report a better read!
5) Paragraph Five - add a few polite lines to make sure that the creditors consider your hardship letter and are willing to work with you to settle your foreclosure issue. If they do not agree with your settlement plan, you should negotiate with them until both parties agree to an offer that would be beneficial to both sides.
Using a hardship letter to stop foreclosure is without a doubt one of the most useful ways around to put an end to foreclosure trouble! The question remains, when are you going to opt for this option?
|
