Keyword Analysis & Research: letter requesting loan modification

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Frequently Asked Questions

How to write a loan modification hardship letter?

A hardship letter is mandatory if you want the lender to consider you for leniency, loan modification, or foreclosure prevention. When writing the letter, try to be as honest as possible and provide the right details. Assume that the lender is aware of the reasons behind your default in payment.

Can a Bank refuse to give a loan modification?

With the right modification, your monthly payments will fall far enough so you'll be able to make your payments, even if you are going through a financial hardship. But if the loan modification offer from your lender isn't a strong one — if it doesn't lower your payment by as much as you think it should, for instance — you can reject the offer.

Should I do a loan modification?

Whether you should favor a loan modification over a short sale depends, in part, on the following: It becomes further complicated if the bank refuses to consider the present market value of your home. If you truly want to stay in your home, regardless of its value, then a loan modification might be the better option.

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