There are thousands of sites on the internet providing free sample hardship letters to consumers trying to entice you to visit their site. The reason they want you to visit their site, is they have the potential of making money from you if you click on a Google Advertisement or a banner ad. These hardship letter samples should never be copied and used. Almost all letters are written wrong and may damage your negotiation leverage. This is one reason why it is estimated 98% of mortgage hardship letters written the past 5 years were done so improperly. Most debtors just copied these bad letters from the internet and later found they owe high deficiency balances or had their deals declined.
Most hardship letter samples are copied from another website and or were created from scratch. Very few of the letters were actually used to negotiate debt settlements. There are many gurus and real estate professionals claiming to know what to put in a letter for hardship. However most in actuality have never negotiated debt using mortgage hardship letters. Don’t listen to any person claiming to be a professional on what needs to go in a letter that has never negotiated loan modifications, short sales or credit card debt in the past year.
The entire debt and credit markets have undergone a dramatic change in the way they negotiate and settle debt. Over the last year, the hardship letter has become one of the most important components of getting your debt settled with good terms whether you are negotiating a loan mod, shortsale or credit card debt. You should find a website specializing in hardship letter writing including providing you with strategy to complete your perfect letter for your unique situation.
Lenders or creditors no longer accept what debtors and buyers are requesting. Creditors and or banks are more intelligent and have better data. They realize they are in a position to make you accept their terms. There is nothing more important than a hardship letter that is correctly worded with the correct strategy designed to sell the lender you have endured a true hardship and you deserve a good deal.
The problem is most debtors do not know how to write a hardship letter. In the past few years, it is estimated 98% of the letter for hardship did not completely and accurately reflect the entire situation the debtor faced. Your letter is your most important and strongest negotiation leverage in getting good deals. If your letter is not well written and doesn’t appear to be a real hardship, then you may not get your interest rate lowered or a principal reduction in your mortgage modification. You could be turned down for your loan mod period!
If you are turned down for your modification and want to avoid a foreclosure on your credit record, then you will have to write a shortsale hardship letter and sell your home utilizing a real estate agent. If the mortgage bank is sending you pre foreclosure letters regarding your mortgage, then don’t get panicked. You should immediately find an experienced short sale negotiation company who have years of training to help you get the best settlements.
Author Resource:
R Dane Woodruff are the author of this article on Mortgage Letter of Hardhsip .
Find more information about Shortsale Hardship Letters here.
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