Welcome to Pre Foreclosure Guide
Is Pre Foreclosure The Best Investment Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Getting Started : Example of Pre Foreclosure Hardship Letter
from:Often when homeowners fall behind on their monthly or bi-monthly mortgage payments they tend to want to avoid communicating with the lender. In reality, communication is key and using the example of pre foreclosure hardship letter below may be just the tool to help your lender understand your current financial situation and what you need to be able to work with the lender. The example of pre foreclosure hardship letter provided below is just a template, you will need to add the specific details to help the lender understand your perspective on the situations that have lend to this point.
Typically when using the example of pre foreclosure hardship letter given below you may have additional issues that have led to the financial problem besides the one provided in the example. These may include:
• Death of a spouse or immediate family member
• Health problems and medical expenses
• High interest rates
• Personal tragedy other than the ones listed above
Example of Pre Foreclosure Hardship Letter
Your name and address
Today's Date
RE: Loan number
Dear XYZ Lender,
My name is John Smith and I have been living in the house I purchased on 12 Cotton Street, Anytown, USA for approximately 7 years. I purchased this house with your assistance on May 17, XXXX. Until March of this year I have been able to make all scheduled mortgage payments and I would like to explain why I have recently been unable to make the payments, despite my best efforts.
In March the company that I worked for went out of business, despite assurances earlier in the year that they would not be closing their doors. Rather abruptly in February we were given notice that as of March 1st the company would be no longer able to pay salaries. I immediately began looking for work in my field of expertise, however due to the specialized nature of my training it was very difficult to find employment at the same pay rate. Currently I am working two part time jobs, however my income is less than half of what it was when I was working full time. I have recently applied to two other companies in neighboring areas and am confident that I will be hired by one of the two. In addition my wife has returned to work on a part time basis, which has helped out with the household bills.
We are working with a credit counseling agency. Please find attached a budget sheet showing our income and household expenses, plus a proposed repayment plan for correcting our default payments on the mortgage. (Attach a detailed proposal). Our goal is to repay all payments skipped and make future payments on schedule.
I would be willing to discuss any options with you as we are sincere in wanting to correct this issue and continue to live in our home. Thank you for your consideration.
Sincerely,
John and Mary Smith
Each example of pre foreclosure hardship letter is slightly different, but they key elements should include a history of your good payment record, the reasons the payments have been missed, as well as what you are doing to correct the situation.
Is Pre Foreclosure The Best Investment Specific links
Is Pre Foreclosure The Best Investment News
Ally Financial Reports Preliminary First Quarter 2012 Financial Results
NEW YORK, April 26, 2012 /PRNewswire/ -- Ally Financial Inc. (Ally) today reported net income of $310 million for the first quarter of 2012, compared to a net loss of $206 million in the prior quarter ...
Read more...Video: First-time homebuying regrets
Intro: Becoming a first time home buyer is a dream come true. But a home buyer's inexperience can cause them to make some pretty big mistakes.Take VO: The number one, most common mistake first time homebuyer's ...
Read more...Sun Life Financial Reports First Quarter 2012 Results
Sun Life Financial Reports First Quarter 2012 Results
Read more...Has Treasure Coast housing market already hit bottom?
Lenders, Realtors, builders, appraisers weigh in on whether prices will keep falling or rebound
Read more...European Conv. Devel - Three month Shareholder Update
03 May 2012 EuroPean convergence development company plc ("ECDC" OR THE "COMPANY") Shareholder Update: 1st January 2012 to 31st March 2012 The Manager presents its latest Shareholder ...
Read more...