Foreclosure Hardship Letter Part 3 - What You Should NEVER Tell your Lender

Foreclosure Hardship Letter - What You Should NEVER Tell your Lender

"What Should I Write In My Hardship Letter?" this is a question we get in our office all the time and honestly there is not a short answer. In this article I will focus on exactly what not to tell your lender. For more information on writing a foreclosure hardship letter check out my popular FREE special report "How To Write A Killer Hardship Letter" available on my website.

DON’T SAY "I DESERVE IT"

First of all, your goal is not to convince the lender that you deserve a loan modification. Some people can't quite get a handle on this point, but you need to. Your goal is to convince your lender that the loan modification you are asking for is necessary given your financial situation and that it is going to work.

DON’T BLAME THE LENDER FOR YOUR DIFFICULTIES

At this point in the game you need the lender on your side. Taking responsibility you’re your financial circumstances is more advantageous then trying to blame others - especially your lender.

Your hardship letter is not the place to air your frustrations about your lender or their collections department, foreclosure specialists or their choice of foreclosure attorney.

LIFE IS NOT FAIR - DON’T DWELL ON IT

Don’t get caught up in how unfair life has treated you. I know it’s very hard when you are in financial distress not to focus on your own misery. The "uniqueness" of your misery is really not the point, you need to get beyond that. Lenders do not modify loans because they feel sorry for you. They only modify loans because you have convinced them that you will be able to make the payments.

You may think it is "unfair" that your story sounds more or less like everyone else's. Life is unfair.

DON’T MAKE THREATS

This one should be pretty self explanatory. For example don’t threaten a lawsuit unless you plan to file one. Also get your attorneys advice before using this threat since it could backfire on you. Threats of going to the media do not go over very well either.
Don’t Seek Sympathy

Do not focus on explaining why all this happened or seeking sympathy since it doesn't matter why it happened. Your lender will do workouts when they make sense for the lender, not when they are moved to feel sorry for you. Present yourself as someone who has made a good-faith effort to rectify your current situation.

DON’T SEND A FORM LETTER

Ok, first I give you sample letters then I tell you not to use them. Here is my recommendation, don’t just fill in the blanks, write in your own words about your own situation. Lenders don’t care about polish; they care about your verified monthly budget. This is not an essay contest.

DON’T FLY OFF THE HANDLE

Pointing fingers, blaming, calling the lender names, etc., isn’t going to get you anywhere either. Stay calm and business like.

DON’T TALK BAD ABOUT YOUR PROPERTY

Don’t talk bad about the condition of your home - it’s irrelevant to your lender. Many times I will see people listing off all the bad and broken, the leaky roof, moldy patio, outdated fixtures, broken appliances and terrible termite problem. They make it sound like the wall would fall in if the termites weren’t holding hands.

By proposing a mortgage modification you are saying to your lender YES, I love my home and I want to keep it, will you help me.

BLAH BLAH BLAH - POOR ME

A good attitude is worth its weight in gold. Don’t get caught up in over explaining your "unfortunate circumstances." Can you imaging how many hardship letters your lender reads every day explaining unfortunate circumstances in excruciating detail. Get to the point and get on with your letter.

Writing a hardship letter is not difficult when you know the elements which must be present and those better left out. I recommend using a worksheet like the one included in our popular FREE special report "How To Write A Killer Hardship Letter" which is available on my website. For more information on mortgage modifications, short sales and hardship letters visit our website.

Check out some of my other articles:

"Top 10 Mistakes People Make When Writing Their Hardship Letter And How YOU Can Avoid Them"

"Foreclosure Hardship Letter Part 1 - How To Write A Compelling Hardship Letter"

"Foreclosure Hardship Letter Part 2 - What Your Lender Really Wants to Hear"

"Foreclosure Hardship Letter Part 3 - What You Should NEVER Tell Your Lender"

"Get Your Automatic Mortgage Rate Reduction"

Article Source: http://articlepowerplant.com

Tom Mack simplifies the mortgage modification process. Find out more about Loan Modifications and “How To Write A Killer Hardship Letter” with his popular FREE Special Report, available at:  => CreativeLoanModification.com

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