Foreclosure Hardship Letter

A foreclosure hardship letter is used when homeowners are facing foreclosure. It is an integral part of any loan modification or short sale package. Loan modifications are offered to homeowners who submit a foreclosure hardship letter and want to save their home from foreclosure and have the financial means to become current on delinquent payments. Short sales are offered to homeowners who submit foreclosure hardship letters and are unable to become current on their mortgage note. Lenders who accept short sale offers agree to accept less than the amount owed.

Most people find the foreclosure hardship letter the most difficult aspect of loan modification or short sale packages. It can be quite challenging to express the circumstances which caused you to fall behind on your mortgage payments.

Foreclosure hardship letters are handled by the Loss Mitigation Department of your lender. Employees of this department are known as Loss Mitigators. When you are facing foreclosure, the bank will assign a Loss Mitigator to oversee your account and reveiw your foreclosure hardship letter.  These are the people that StopMyForeclosure.net has professional relationships with. This individual can make or break your deal, so it is important to have a stable relationship with them and treat them with respect and provide them with the information they are seeking.

Your foreclosure hardship letter will be read by your assigned Loss Mitigator. Keep in mind these individuals receive dozens of foreclosure hardship letters every day. The negotiator assigned to your case is required to contact (actually speak with) the loss mitigator at least once a week to keep the negotiations open.  The philosophy of "the squeeky wheel gets the grease" is the best possible way to ensure that the negotiations will lean in your direction.  When we negotiate with lenders YOU WILL NOT FALL THROUGH THE CRACKS!  Working with the loss mitigators as a homeowner is very difficult and time consuming.

We ask the you keep your foreclosure hardship letter short and to the point, while including pertinent facts.  Loss mitigators are busy and need to know your situation thoroughly without knowing your life story.