Write a hardship letter to your Mortgage Company with help from professionals. Given the gravity of your financial situation, taking the chance of writing your own hardship letter may not be worth the cost of losing your home. If your home loan is in the balance, take the proper measures to strive for a resolution with your lender. It’s a smart move to have a professional write the hardship letter to the bank for you.

A hardship letter is a chance to explain your temporary financial hardship. This letter can possibly lead to being granted a compromise between the lender and home owner. If your hardship letter is effective, the mortgage company will give you a “work out”.  This is a different payment plan that the home owner will be able to keep up with, given their current financial situation.

A financial hardship must be a legitimate excuse for missing your mortgage payment. If you have had a death in the family or lost your job; those are understandable hardships that could be considered by mortgage companies. It is important to explain clearly that the circumstances which led to your late payments is legitimate and was out of your control. Properly explain that the circumstances were temporary and you are now able to make amends. The lender may give you a compromise that you both can agree on to “work out” of the debt you have built up with late mortgage payments.

If you do not have experience with formal correspondence, it would be in your best interest to have a professional draft a hardship letter for you. A professional writer may also have good advice to share, given their experience with writing to loss mitigation department staff. Use their experience to your advantage and better your chances for a “work out” with your mortgage company.