Hardship Letter To Stop Foreclosure - The Key To Stopping A Foreclosure

April 13, 2010 - PRLog -- It is the voice of the homeowner explaining why they are in the situation they are in. This one document provides a human element to an otherwise financial and business decision. Homeowners trying to get a foreclosure proceeding stopped or modification to approved often overlook it. Here are some tips for people needing to write a hardship letter.

Aurora Lillo Editor of the "Loan Modification Foreclosure" website -- http://www.LoanModificationForeclosures.com -- pointed out;


“…Keep the letter brief and to the point. A letter that is too long or does not have focus, is less likely to be read. Make sure that your explanations are not vague or too technical. The writer must find a balance between the two. If a letter seems too vague, then the crucial details may be left out. If the information is too technical, then the readers may start to skip sections of the letter…”

Write the letter with feelings and emotions. Experts say it is a good idea to make the reader cry when they read the letter. If the reader can empathize with the homeowner, feel the struggle and the fear, they are far more likely to agree to stop foreclosure proceedings. Do not write with negative emotions, such as anger or frustration. If the readers feel that the writer is blaming them, it is less likely there will be sympathy for the homeowner.

Include reasons for failing to keep current with monthly payments. Include dates that coincide with the delinquency. Good examples of reasons to include are medical complications, drastic salary decreases, lost employment, fixed income, or even being single parent without support. Document and put down all relevant information for the homeowners specific circumstances.

Homeowners should be aware that the review board is going to want to see that the homeowner is taking steps to try to pay their mortgage. Provide offers and ideas that show them that willing to participate in a solution. The review board will also want to see that the desire to stop foreclosure is to retain ownership of the home as a residence. Homeowners should also not be afraid to make offers on how to resolve the debt, from extending the terms, lowering rates or adding a little onto the payment to make up for missed payments.

“…Finally, make sure that the letter is polite. Thank them for taking their time for reading the letter and considering your situation. Contact information as well as documentation from banks, bills, and tax forms are important as well. Homeowners should seek help when approaching a bank to stop foreclosure. Professional services are available to help troubled homeowners. They are experienced in the negotiations that may save the home…” added A. Lillo.

Further information about how to get professional assistance with a mortgage loan modification by http://www.LoanModificationForeclosures.com