People fall into hardship for various reasons. Sometimes, these people have a mortgage and this means that they’re hardship could lead to them losing their home. According to the Golden State Financial Group, it is possible 2 sometimes apply for a home loan modification in those cases. In fact, since the introduction of the Making Homes Affordable or MHA act by President Obama, there is more help out there than ever before.
Golden State Financial Group on Home Loan Modification
If you are having difficulties in paying your monthly mortgage, you do not necessarily have to go through foreclosure. Instead, you should apply for a home loan modification as soon as possible. Doing so with professional help of a financial advisor like the Golden State Financial Group will give you the greatest chance of being successful in your request.
There are a number of options available to you. For instance, you could ask a lawyer to help you get the approval. You could also choose a free financial counselor. These are the two extreme ends of the spectrum, and demonstrate that there is help out there whether you have funds available or not.
Because home loan modifications are now so popular however, it seems that providing help with these modifications is also something that many are trying to offer. Unfortunately, some of those are less than scrupulous. Hence, particularly when you consider just how important a home loan modification is, to make sure that you’ve double checked that your advisor is reputable and experienced.
One of the key elements of obtaining a modification is writing a proper hardship letter. These letters have to follow a certain format. They should be quite short and fit on one page. A lender is not interested in your life story, nor will they feel any emotion towards your hardship. They’re interested solely in obtaining their money. Hence, what you need to put in this letter is a short message indicating that you are incapable of making your regular payment, that you are aware of this, and that you want to come to a solution before you end up in greater debt. Writing the hardship letter is the most important part of the entire modification process. Hence, if nothing else, make sure you get professional help with that.
A hardship letter should indicate the reason for your financial difficulties. Certain reasons are almost always accepted. Medical bills, unexpectedly losing your job or having been forced to accept a reduction in hours, divorce, and death in family are all difficulties that are usually accepted as a reason for hardship. What the lender is also very interested in is how you intend to pay the money you owe them period your hardship letter, therefore, must demonstrate how new terms on your loan are feasible in your current situation. Making a mistake is not something you can afford, which is why it is so vital that you do work with professionals to help you formulate not just the letter but also strategy that is manageable for you and acceptable for your lender.
