The single biggest factor in whether your lender can help you is usually whether your hardship condition is resolved. If it isn’t, it’s unlikely your lender will be able to re-negotiate your loan. The reason is simple…they are legally not allowed to enter a new agreement with you if they know you’re unable to meet the conditions of that agreement.
If you’re in this situation, you have three choices:
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If your hardship isn’t resolved or ”qualified,” your lender is not required to negotiate with you or offer you a workout package. But leave this determination up to them. Even if you’re sure they will think your hardship is your fault or is unresolved, submit your hardship package and letter anyway. You have nothing to lose and they might choose to help you anyway.
Lenders are under a ton of pressure to help homeowners whenever possible. If you have the ability to pay, they’ll probably work with you even if you could have avoided the hardship. Don’t try to get sympathy for your situation, though. Just give them the facts and let them figure out what the facts mean.
This is one of the simple tips and tricks we offer in our FREE Hassle Free Hardship Letters manual. If you’d like access to the same insider knowledge that has helped over 9,586 homeowners reach their goals, click here now!
And if you’re in need of a free sample hardship letter for your hardship or loan modification package, we’ve got a proven one here.
Tags: hardship, hardship letter, lenders, workout
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