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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.
Pre Foreclosure Lists News
Atty to State: Don't Take Foreclosure Settlement Money - KNAU Arizona Public Radio
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Stockton still tops nation's foreclosure list - Central Valley Business Times
 VEGAS INC | Stockton still tops nation's foreclosure list Central Valley Business Times The Central Valley port city of Stockton continues atop the list for the highest foreclosure rate in the nation, accortding to foreclosure information company RealtyTrac Inc. of Irvine. Stockton had one in every 213 housing units with a foreclosure ... Nevada retakes top spot as state with highest foreclosure rate Prospects for housing market get brighter in Shasta County; foreclosures fall ... US foreclosures migrate east |
REAL ESTATE: Inland Empire tops dubious foreclosure list - Press-Enterprise
 Press-Enterprise | REAL ESTATE: Inland Empire tops dubious foreclosure list Press-Enterprise “These institutions are doing a massive reassessing of their past foreclosures, and that's delaying the processes.” Johnson said he's anticipating the banks to encourage homeowners who are in trouble keeping up with their mortgage payments to list them ... Want to Buy a Foreclosure? Here's What You Need to Know Bank of America offering short sale incentives Foreclosures in Hawaii plummet 68% in April |
Julie Schoenbachler Named to OC METRO Magazine's 40 Under 40 List for 2012 - MarketWatch (press release)
Julie Schoenbachler Named to OC METRO Magazine's 40 Under 40 List for 2012 MarketWatch (press release) IRVINE, Calif., May 24, 2012 /PRNewswire via COMTEX/ -- Julie Schoenbachler was recently named to OC METRO Magazine's annual 40 Under 40 List. Each year, OC METRO Magazine, Orange County's premier business and lifestyle publication, selects a group of ... |
Hunting for property in pre-foreclosure - Washington Post
Hunting for property in pre-foreclosure Washington Post Is there a report that I can find or buy that shows pre-foreclosures? A: Congratulations on selling your home so quickly. We have been hearing that in some neighborhoods across the country — even in Georgia — home buyers are starting to make offers ... |