A “Sample Letter to Mortgage Company Requesting Loan Modification” is a written request. It asks your mortgage lender to change your loan terms. You might need this letter if you’re struggling to make your mortgage payments. Unexpected financial hardships often trigger this need.
Facing foreclosure is stressful. It’s a scary situation. We understand the need for help. We’re here to assist you.
We’ll provide sample letters. These are templates. You can customize them to fit your situation. We aim to make the process easier for you.
Sample Letter To Mortgage Company Requesting Loan Modification
[Your Name]
[Your Address]
[Your Phone Number]
[Your Email Address]
[Date]
[Mortgage Company Name]
[Mortgage Company Address]
**Subject: Request for Loan Modification – Account Number: [Your Loan Account Number]**
Dear Sir/Madam,
I am writing to request a loan modification for my mortgage, account number [Your Loan Account Number]. I am facing financial hardship due to [ Briefly explain the reason for your hardship, e.g., job loss, medical expenses, reduced income].
This situation has made it difficult for me to meet my current monthly mortgage payments. I am committed to keeping my home and believe that a loan modification would allow me to do so.
I am prepared to provide all necessary documentation to support my request, including proof of income, bank statements, and any other information you may require.
I am hopeful that we can work together to find a solution that will allow me to continue making payments on my mortgage. I look forward to hearing from you soon to discuss this matter further.
Thank you for your time and consideration.
Sincerely,
[Your Signature]
[Your Typed Name]
html
How to Write Letter To Mortgage Company Requesting Loan Modification
Subject Line: Capturing Attention Immediately
- Be direct and unequivocal. A subject line like “Loan Modification Request – [Your Loan Number]” is optimal.
- Avoid ambiguity. The mortgage company should instantly grasp the letter’s intent.
- An effective subject line expedites processing, ensuring your request doesn’t languish unseen.
Salutation: Beginning with Civility
- Address the letter to a specific individual if possible. “Dear Mr./Ms. [Loan Officer’s Last Name]” demonstrates due diligence.
- If a contact name eludes you, use “Dear Loan Modification Department.”
- Maintain a cordial tone; you’re seeking assistance, not initiating antagonism.
Introduction: Framing Your Predicament
- State your name, address, and loan number promptly.
- Clearly articulate your request for a loan modification.
- Briefly allude to the hardship necessitating this request. A concise overview suffices initially.
Body Paragraph 1: Detailing Your Hardship
- Elaborate on the circumstances precipitating your financial distress. Be forthright, whether it’s job loss, medical exigencies, or another adversity.
- Provide a chronological account, if applicable, to illustrate the progression of the hardship.
- Include pertinent documentation substantiating your claims. Evidence bolsters your credibility significantly.
Body Paragraph 2: Presenting Your Current Financial Situation
- Offer a granular depiction of your current income, expenses, assets, and liabilities.
- Demonstrate your willingness to contribute towards a resolution. Propose a feasible payment amount, if possible.
- Highlight any ameliorative measures you’ve undertaken to mitigate the financial strain.
Body Paragraph 3: Articulating Your Desired Outcome
- Specify the terms of the loan modification you’re soliciting. Lower interest rates, extended repayment periods, or principal reduction are common requests.
- Explain how the proposed modification would enable you to sustain homeownership and preclude foreclosure.
- Reiterate your commitment to fulfilling your obligations under the modified terms.
Closing: Ending with Professionalism
- Express your gratitude for their consideration. A simple “Thank you for your time and consideration” is apt.
- Provide your contact information, including phone number and email address.
- Indicate your eagerness to cooperate and furnish any supplementary information required.
- Close with “Sincerely” or “Respectfully,” followed by your signature and printed name.
html
Frequently Asked Questions: Loan Modification Request Letter
This section provides answers to common questions regarding sample letters for requesting loan modifications from mortgage companies.
Understanding these points can streamline your communication and improve your chances of a favorable outcome.
What information should I include in my loan modification request letter?
Your letter should clearly state your loan number, property address, the reason for your financial hardship, and a detailed summary of your current income and expenses.
Where should I send my loan modification request letter?
Send the letter to the mortgage company’s loss mitigation department. The address can usually be found on your mortgage statement or on the lender’s website.
What documents should I include with my loan modification request letter?
Include copies of recent pay stubs, bank statements, tax returns, and any documents that support your claim of financial hardship, such as medical bills or layoff notices.
How long does it take to get a response after sending a loan modification request letter?
Mortgage companies typically acknowledge receipt of your request within a few weeks. The full review process and decision can take several months.
What if my loan modification request is denied?
You have the right to appeal the decision. You can also explore other options, such as a short sale or deed in lieu of foreclosure.