Hardship Letter To Stop Foreclosure - Possible Reasons To Help You Get Approval

By Author: J.J. Yong
Total Articles: 963
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Facing home foreclosure can be a difficult pill to swallow, especially if you have a family to support as well. The experience could be humiliating, and even damaging to your reputation, and at time it could wreck families apart. Avoid all of these by planning well to stop foreclosure if ever you come to face this problem. One of the best methods to accomplish this is by using a hardship letter to stop foreclosure.

You could use this letter to help you negotiate with your creditors, or even to apply for governmental programs to combat foreclosure such as Obama's Loan Modification Plan! Remember that negotiating with your creditors is not going to be easy, and even when you apply for the President's loan modification program, the rules are stringent, thus you have to be fully prepared to face the questions that they may have for you. What better way to face them than with a well-drafted hardship letter?

A well-written hardship letter should be able to pinpoint why you have been unable to service your mortgage payments during the last few difficult months, and you would have to be able to back these reasons up ...
... with relevant proof to convince your creditors. When we speak of reasons, there are some that could hold you in good stead when you are negotiating with creditors, as listed below:

1) Retrenchment or job layoff - the recession has forced many of us into this predicament, and this is an extremely good reason as it is beyond your control. You would need to explain why you lost your job, and even if you had a pay cut, you could inform this to the creditors as well to make them understand.

2) Sickness or disease - you would be forced to bear extra costs and expenditure due to the sickness of yourself or a close family member, this would have made your financial position more difficult, and thus you have been unable to pay your monthly home payments.

3) Death or separation with spouse - your spouse might have been helping you pay for your home, thus when your spouse passes away or you get separated, you lose that bit of income to cater for your home payments.

4) Bankruptcy of own business - this would mean you lost your main income source, and is a very valid reason to help you fight off foreclosure by negotiating with your creditors.

Remember that you are amongst the thousands, or even millions that are facing the same foreclosure issues, thus make sure that you hardship letter is well-written, and your reasons are strong enough to warrant an extension from your creditors, or even a modification in your mortgage terms if you are vying for it.
Find out more information about stop home foreclosure and hardship letter to stop foreclosure via StopForeclosureReality.com.