Fighting foreclosure requires a lot of calculated moves on the homeowner’s part. The fact is some things you have absolutely no control over while others you do. Take for example writing a hardship letter. What the lender wants to know is the main reason why you have not been able to pay your current mortgage and what is your plan to come current.
Just saying that your credit card debts is the reason, is not going to work. Lost of job or reduction in your works hours is certainly out of your control. If you work on commission but earning far less commission in the last year is again a reason acceptable as to why you were unable to pay your current mortgage. Don't mention any thing about filing bankruptcy this could hasten the foreclosure process, your lender want to hear how you are going work it out with their interest in mind as well.
Therefore, when you are writing a hardship letter remember to whom you are writing. In most cases it is an over worked staff who has been reading and listening to every excuse in the book. Therefore this is no time to write a novel but to make it brief and to the point. Also state your reasons why you would like them to consider your request for relief (help!).
By clear in what has changed financially that will help or hinder you from making your payments. Try to be truthful with your lender because this might be your only lifeline when it comes to fighting foreclosure of your home. Fighting foreclosure will require some calculate moves on your part, therefore consider writing a simple hardship letter .
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