Creating a financial worksheet is a vital part of the loan modification process. This worksheet will be used by the lender to help them determine how the modification will impact your monthly payments. Once you have completed the worksheet, you will also need to complete a financial hardship letter that details your financial circumstances and your reasons for the hardship.
When you are done creating the financial hardship letter, take it to your lender to see if they will approve the modification request. Most lenders will offer you a special hardship letter template that you can use to create the letter as well as a hardship letter template.
The hardship letter template will contain templates for filling in specific fields. However, you should only fill in these fields if you know what you are doing. If you do not understand a field on the template, be sure to leave it blank.
If you do not understand how to fill in a field on the financial hardship letter template, ask for help. Your lender will most likely tell you what to put in the field, but there may be times when they may not be able to help you. However, this does not mean that you cannot fill in the fields on your own. Just be sure that you have a copy of the template with you before you begin filling out the fields.
You may find that you need to fill in the lender’s approval process in order to get approved. The lender may ask for certain documents in order to approve the modification request. It is important to fill in all the information requested by the lender because this will help the lender understand the terms of the loan modification.
Once you have filled in all the information requested by the lender, be sure to send it in with your application package to ensure that your lender’s approval of the modification request. When you are done filling in the fields and sending the package in, you may want to go over the information that you have provided with the lender. However, you may want to call the lender to ask any questions that you may have and to clarify any information that you have left out.
Once you have completed the hardship letter template, you will also need to fill in a financial hardship letter for yourself. Fill in all of the information that the lender requested and in addition, you will need to describe the hardship that you are experiencing. Also, be sure to provide details on any income sources that will support your living expenses.
Finally, you will want to include copies of any letters from friends and family members that discuss your inability to pay your mortgage payment. This will help the lender understand your emotional ties to your home and allow the lender to work more closely with you and your loved ones. Remember, the lender wants to be able to determine if the proposed modification will benefit you, not against you.