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Stop Foreclosure - 4 Steps On How To Write A Letter For Mortgage Postponement
Author : J.J. Yong
Mortgage foreclosure has become a more common problem recently as more and more families face the negative consequences of the recent economic slump. While we never did have problems to service our monthly mortgage payments before, with recent issues such as pay cuts and retrenchment now in the picture, many families have missed payment dates, some for several months, resulting in foreclosure action being taken against them.
If you are one of those in this predicament, worry not as there is an extremely efficient way to combat and stop foreclosure now! This method is called the hardship letter, or a mortgage postponement letter. Many people have used the hardship letter to stop foreclosure in the past, and it had worked for them successfully! Why not be one of them? Wondering how to write a decent hardship letter? Let us show you how:
1) First and foremost, decide if you want to write the letter yourself, or let a professional handle the letter writing process for you. Paying a consultant to write it for you would mean that you get the added experience of having someone who has plenty of experience in writing hardships letter before with you, nevertheless writing it yourself would mean the letter is much more personal, a plus point on its own! The choice is yours!
2) Make sure that you have all the required data and information with you while you are writing the letter. Ensure that your personal details and mortgage details are accurate, and explain clearly why you have not been able to service your loan properly. Give proof of your statements, such as pay slips if you are facing pay cuts, or a termination letter if you have lost your job or have been retrenched. This information is crucial, and must be attached together with the letter when you send them to your creditors.
3) It is best that you suggest a postponement plan to allow you to catch up with your payments to your creditor, so that they get the picture that you are sincere about servicing your mortgage payments, and not running away without paying up. Provide proof of your plan to regain the trust of the creditors, and if possible try to negotiate for a better deal with your creditors. When they see that you are struggling with payments, they might be tempted to lower interest rates if that means you would continue paying for your home.
4) Lastly, it is best to schedule a face-to-face meeting with your creditors, and present the letter and proposal personally to them. You could also mail it to them, but you will have to call and double-check if they received the hardship letter. All the best in saving your home and stopping foreclosure with a well-written hardship letter!
Author's Resource Box
Find out more information about stop home foreclosure and hardship letter to stop foreclosure via StopForeclosureReality.com.
Article Source:
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Tags: stop foreclosure now, hardship letter to stop foreclosure
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Submitted : 2010-03-08 Word Count : 966 Popularity: 98