Sample Hardship Letter is here to offer loan modification advice and tips for todays struggling homeowner, most of our readers are already going through Foreclosure or sturggling to get a Short Sale. I found when i was going through my foreclosure that the hardest part for me was writing the Hardship Letter, i know for some of you it may seem easy but for me was a real struggle. So here i am, i will help you write your hardship letter... i offer Sample, Example and useful tips to help my visitors get through this step where i had problems... That darn Hardship Letter.

Foreclosure or Bankruptcy?

January 5, 2010

Sample Hardship Letter: The single most important question consumers ask themselves during the foreclosure process is whether it is better to lose their house to foreclosure or file for bankruptcy protection. A foreclosure will remain on your credit report for 7 years, while a bankruptcy remains for 10 years. If you ever plan on getting [...]

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Principle Reduction

January 4, 2010

Sample Hardship Letter: Principle Reductions: Wipe Out Your 2nd Mortgage with Bankruptcy Millions of American homeowners are now upside-down on their home mortgage and they are looking for a way out. In some areas like the Inland Empire of California, local homeowners have seen values drop 30-50% and many are making a “business” decision to [...]

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Stripping the Lien, Cram Down or Strip Down

January 3, 2010

Sample Hardship Letter: When a judge removes the second mortgage during bankruptcy proceedings it is referred to as “stripping” the lien, a “cram down” or “strip down.” This can happen if the loan is secured by other collateral that is part of the bankruptcy filing or if the home is not your principal residence or [...]

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Deed in Lieu of Foreclosure

January 2, 2010

Sample Hardship Letter: For home borrowers (mortgagors) facing foreclosure, a deed in lieu of foreclosure provides an alternative solution to the standard default process. In particular, the deed grants the lender, the “mortgagee,” full rights to the property title to satisfy the conditions of the loan. Such agreements are a common form of mortgage contract [...]

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Short Sales

January 1, 2010

Sample Hardship Letter: If you find yourself in a difficult real estate situation where your home and loan is upside-down, don’t fret, a short sale might just be the answer to help cure your mortgage woes. In today’s market, it is imperative that you take a step back from all of the noise to reflect [...]

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Short sale submission package

December 31, 2009

Sample hardship letter: Your short sale submission package should include: 1. Hardship Letter – explaining the circumstances that make it impossible for them to pay the full amount of the loan. The seller needs to be able to show true financial hardship. Someone with the assets or the income to pay is unlikely to be [...]

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Negotiating a short sale

December 30, 2009

Sample hardship letter: Negotiating Deficiency is Key When Attempting a Short Sale: With a short sale, the lender has three possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of the home. First, the lender can attempt to collect the deficiency balance from the [...]

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IRS on Shorts Sales

December 29, 2009

Sample hardship letter: The IRS on Shorts Sales, Foreclosures and Debt Forgiveness From the IRS on Shorts Sales, Foreclosures and Debt Forgiveness: The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt [...]

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Are Hardship Letters Just for Loan Modifications?

August 11, 2009

The vast majority of hardship letter sites on the internet are devoted to loan modifications and helping consumers draft hardship letters for them. However, hardship letters are required and can be used for: short sales, credit card debt negotiation, requesting lower interest rates on credit cards and installment loans and a host of other consumer [...]

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Qualified Written Request

August 11, 2009

Sample Hardship Letter : To perform the most comprehensive forensic loan audit you should compile all of the loan documents you maintain and get all of the loan documents your lender maintains. A Qualified Written Request (QWR) is a written demand to your servicing company. After receiving a QWR, the servicing company has twenty days [...]

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