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3. Include the rate you’re asking from them. Do not rely on just the application to hit that point home. The hardship letter is the platform to not only state the rate, but also to explain why that lower interest rate is manageable for you. Explain how you plan to manage your debt and pay the new interest rate. Include specifics of your budget that might interest the lender and convey that you are actually trying to be able to make ends meet. The best thing you can do is take action now and get a mortgage loan modification packet right away. The sooner the better.
Tags: budget, hardship letter, interest rate, mortgage loan modification, specifics
July 29, 2009 | Filed Under Finance