When lenders look at your mortgage modification letter, they're looking for certain bits of information that you may not even give a second thought about.
It may be tempting to splurge in your letter and tell your whole story or to tell your lender how displeased you are with their interest hikes, but the mortgage modification letter is not the platform to do it.
The bottom line is that lenders are looking to see if you are going through their definition of financial hardship and to decide whether you will be able to afford lower monthly payments the modification will grant to you.
Consider these hints when working on your mortgage modification letter: Before writing the letter, make a carefully planned budget that can accommodate the interest rate you're looking for.
Mark out any things that are unnecessary, no matter how much you like them.
Paying $10 for Netflix is a want, not a need.
You will be surprised how many things you find you pay for but don't actually need.
Find that interest rate that fits your needs perfectly, and then find an interest rate you think your lender will be more likely to agree on but is still within your means.
State this (these) rates in your letter, preferably in the closing paragraph where you should sum up what you want and your willingness to work with your lender.
Include the circumstances that led you to your current financial hardship.
Your lender needs to see this in the letter in order to determine whether or not you qualify for technical financial hardship, which anyone applying for mortgage modification must be in.
But besides that, letting your lender know what led you to the situation you're in today can possibly turn a negative negotiation into a good or decent one.
While including the information about how you came to be under financial hardship is important, giving out too much information is not.
Don't make your account of your circumstances long-winded or too emotional.
To the lender, this is strictly business and your hardship letter should be professional, not personal.
No matter how hard the situation hits home.
These are just basic tips that you should keep in mind when writing your letter.
Of course, everyone has their own reasons for requesting mortgage modification but you want to seem like you need the assistance more than everybody else.
Do this by writing a professional and well-informed mortgage modification letter, and your lender will give your application serious consideration.