Mortgage refinancing or loan modification are great ways to avoid foreclosure, and save money. Writing an effective letter stating your financial hardships, will greatly increase your odds for mortgage refinancing or modification approval. A lot of homeowners have been denied a loan modification simply due to a poorly written letter of hardship. We will help your write an effective letter of financial hardships which will improve the odds of your being approved for a home loan modification.

A letter of financial hardship should include the reasons your finances are hurting, the reason a home loan modification is needed, and most importantly needs to convince the mortgage lender or bank that the only way you will be able to continue to make your home loan payments is by getting a home loan modification or refinancing. The mortgage lender or bank wants to see the urgency you have in saving your home, how important it is to you, and what you are prepared to do to keep it. More than anything a lender or bank wants to be sure that after a modification or refinancing you will be able to keep up with the new payments.

Stick to basic facts which tell the story, but do not trail off. Get to the point of your financial issues and be sincere. A sincere homeowner goes much farther than a crying, angry, or homeowner who has no care what happens. Justify the need for a mortgage modification as the only way you can keep your home, and make sure your mortgage lender or bank believes you will not miss any payments with the newly modified or refinanced home loan.

Make sure your home loan modification or refinancing application is not overlooked. Make sure your application is completely and accurately filled out, and attach your letter of financial hardship with this application. Remember, your mortgage lender must believe you are truly in financial problems, and without a home loan modification you will most likely lose your home.

-M Petrone

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