| Mortgage foreclosure has become a more | | | | 2) Make sure that you have all the required data |
| common problem recently as more and more | | | | and information with you while you are writing the |
| families face the negative consequences of the | | | | letter. Ensure that your personal details and |
| recent economic slump. While we never did have | | | | mortgage details are accurate, and explain clearly |
| problems to service our monthly mortgage | | | | why you have not been able to service your loan |
| payments before, with recent issues such as pay | | | | properly. Give proof of your statements, such as |
| cuts and retrenchment now in the picture, many | | | | pay slips if you are facing pay cuts, or a |
| families have missed payment dates, some for | | | | termination letter if you have lost your job or |
| several months, resulting in foreclosure action | | | | have been retrenched. This information is crucial, |
| being taken against them. | | | | and must be attached together with the letter |
| If you are one of those in this predicament, | | | | when you send them to your creditors. |
| worry not as there is an extremely efficient way | | | | 3) It is best that you suggest a postponement |
| to combat and stop foreclosure now! This | | | | plan to allow you to catch up with your payments |
| method is called the hardship letter, or a | | | | to your creditor, so that they get the picture that |
| mortgage postponement letter. Many people have | | | | you are sincere about servicing your mortgage |
| used the hardship letter to stop foreclosure in the | | | | payments, and not running away without paying |
| past, and it had worked for them successfully! | | | | up. Provide proof of your plan to regain the trust |
| Why not be one of them? Wondering how to | | | | of the creditors, and if possible try to negotiate |
| write a decent hardship letter? Let us show you | | | | for a better deal with your creditors. When they |
| how: | | | | see that you are struggling with payments, they |
| 1) First and foremost, decide if you want to write | | | | might be tempted to lower interest rates if that |
| the letter yourself, or let a professional handle the | | | | means you would continue paying for your home. |
| letter writing process for you. Paying a consultant | | | | 4) Lastly, it is best to schedule a face-to-face |
| to write it for you would mean that you get the | | | | meeting with your creditors, and present the |
| added experience of having someone who has | | | | letter and proposal personally to them. You could |
| plenty of experience in writing hardships letter | | | | also mail it to them, but you will have to call and |
| before with you, nevertheless writing it yourself | | | | double-check if they received the hardship letter. |
| would mean the letter is much more personal, a | | | | All the best in saving your home and stopping |
| plus point on its own! The choice is yours! | | | | foreclosure with a well-written hardship letter! |