When buying a home ones worst fear is losing that home to foreclosure. If refinancing your mortgage loan is not an option for you, your next best choice is loan modification. Loan modification can be the answer you have been looking for to avoid foreclosure and staying in your home.

Although loan modification can be the answer to your problem, your approval does depend on how you set your request up. If you are looking for a loan modification to help solve your financial problem you have to prepare a letter that will bring you the very best of results.

When writing your letter for possible approval for a loan modification you should include a detailed description of your current financial problem along with any other reasons you are in need of a modified mortgage loan. You have to make it obvious and clear that the only way you are going to be able to keep your home is if they approve you for a loan modification. Explain that your current situation was caused by things that you had no control over and that staying in your home is very important to you.

The letter should be short but to the point and if possible should not be more than one full page. It should be limited to the basics and not to long so that the lender does not feel that you are trying to pull at their heart strings, don’t waste your time either because they don’t have any. It’s important to understand that you are not the only one writing a letter in order to get approved for a loan modification. Lenders are constantly getting letters from people looking for the possibility of modifying their mortgage loan so make sure your mortgage modification hardship letter stands out so you don’t get lost in the shuffle.

Writing an effective letter when applying for a loan modification can be a daunting task but there are people that can help you if you need. Financial advisers are available if you are in need of some assistance. However, if you are unable to find an adviser that you are comfortable with there are templates available online that can also help.

-M Petrone

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