Your Loan Modification Hardship Letter will explain your family’s current financial position. The federal stimulus plan requires that you be facing a hardship situation in order to be eligible to apply for a loan workout. This very aggressive program-called HAMP- features interest rates as low as 2%, loan terms up to 40 years, and in some cases part of your principal balance may be deferred or forgiven to help you stay in your home.  You don’t want to miss out on this government bailout for homeowners.

Your bank wants to know what has happened in your life to cause the problems.  This is your opportunity to explain to your lender the circumstances that caused the hardship and what steps have been taken to deal with the problem. A compelling Loan Modification Hardship Letter tells the lender whether your family has experienced an “acceptable hardship” and can assure the bank that if given the chance, the home loan payments will be paid on time from now on.

Wondering just what is an acceptable hardship? Here are some of the acceptable hardships:

1. Loss of job or reduction in income 2. Death of the homeowner, spouse or family member 3. Illness of homeowner or family member 4. Divorce or separation 5. Forced job relocation by employer 6. Adjustable rate reset-payment shock 7. increased expenses

But, how do you write a convincing loan modification hardship letter that is concise but also tells the lender everything they should know about your family’s situation? Keep in mind that lenders are inundated with frantic homeowners trying to find an affordable alternative to keep their home. They have heard and seen it all, so here are some tips for a successful Loan Modification Hardship Letter:

• Don’t be too long winded- 1 to 2 pages at the most
• First, describe the hardship and the circumstances that caused it – make sure that you include the approximate time frame that you first began to experience difficulties. This should tie in with any late payments you may have. Establish the connection between the circumstances and any delinquencies
• Explain what steps have been taken to correct the situation
• Provide the lender with your plan to get back on track and stay there
• Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home-provide a few details about your involvement in the community. Briefly tell about your child’s school or sports activities, your church involvement-lenders are concerned about maintaining the integrity of neighborhoods and communities

Millions of homeowners are in the same boat-how you choose to deal with your current situation makes the difference between success and failure. Informed and proactive homeowners can work directly with their lender to successfully lower their rate, modify the term, or reduce principle to arrive at a new lower monthly payment. You don’t need a lot of experience, just some knowledge about the process and how it works-you could save thousands of dollars. Take advantage of a software program designed just for homeowners that does all the calculations for you-avoid costly mistakes.

CAUTION! Writing a convincing hardship letter is just one part of the loan modification application. You will also be asked to show your income documentation and complete a financial statement. Before you contact your lender about a loan modification, get informed and be armed with the insider information and negotiating tips that give you a fighting chance of success. Learn the approval guidelines for the Obama stimulus home saver plan before you complete your application. There is a standard 4 step formula lenders use to determine if you qualify-you can learn and use this very same formula to make sure you fine tune your application and qualify for help.  You can take advantage of the #1 resource for homeowners-the Loan Mod Quick App software actually mimics the federal guidelines for approval.  All you need to do is input your own income and expenses, and all the calculations are done for you automatically.

Don’t feel overwhelmed or confused.  You can get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.