Hardship Letters and Foreclosure

July 22nd, 2011 | Author: | Bankruptcy

Even though the number of home foreclosures has reduced slightly since its record high of 2.8 million homes in the year 2009, millions of Americans are losing their homes every year across the United States from defaulting on their loan. Due to the recent recession and financial crisis, millions of Americans are facing financial difficulty and are at risk of foreclosure at sometime this year.

Financial difficulty can happen to anyone at any time. If you feel like your home is at risk of foreclosure because you have missed or were late on mortgage payments, there are ways you can fight to keep your home until you straighten out your finances. By writing a hardship letter to your lender, you may be able to explain your situation and keep your home.

Writing a Hardship Letter

If you decide to write a hardship letter, be sure to remember the following points:

  • Get to the point quickly by letting the lender know why you are currently facing financial difficulty and can’t make payments.
  • Try to appeal to the sympathetic side of the lender by including personal information.
  • Don’t make excuses
  • Lay out a plan for paying your loan and getting caught up on your mortgage.

You may need a professional legal representative to help you during this financially trying time in your life.

If you are on the brink of having your home foreclosed upon, a bankruptcy attorney can help you protect the investment you have made in your house. To learn more about foreclosure defense, contact a lawyer.



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