Stopping Foreclosure Effectively - Using A Hardship Letter To Stop Home Foreclosure

By Author: J.J. Yong
Total Articles: 963
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The recent economic degradation did little to help the citizens of the United States as many have fallen prey to debt complication. Many have also failed to service their mortgage payments, resulting in them facing serious home foreclosure issues. This is caused by worrying issues such as job retrenchment, pay cuts and even termination of employment. If you are amongst the thousands out there that are facing this issue, then you should most definitely be looking of ways to overcome and stop home foreclosure effectively. In addition to refinancing and opting for bankruptcy, there is one other method that has been highly effective in salvaging homes for many out there. I am talking about the utilization of the hardship letter to stop foreclosure, without a doubt one of the most functional and effective methods out there today to stave off mortgage foreclosure trouble!

Writing a hardship letter is not difficult, and it can be used as a useful tool to negotiate with your lenders in order to get your mortgage payments back on track. Firstly, you must determine if yo u want to write the letter yourself, or hire a financial ...
... consultant to help you with it. Writing it yourself would prove to be more-effective, and it adds a personal touch to the letter as well, giving you a better chance of gaining the sympathy of your creditors when you negotiate with them. Having a consultant to help would be useful as well, as you could take advantage of the person's know-how in dealing with lenders. The choice is yours!

Next ensure that you have all the relevant documents with you, and attach copies of these documents with your hardship letter when you send it over to your lender. Relevant supporting documents for this purpose include pay slips (if you have experienced pay cuts), job termination order letters (if you have been laid off) as well as medical and other bills (if you have been forced to pay bills that have taken its toll on you). And always provide information that is true and well-supported, or you would struggle to have a case to argue about.

Lastly, schedule a meeting with your creditors and propose a plan that would help you catch up with all the missed payments. If possible, you could also attempt to re-negotiate your interest rates and loan duration to help you lower your monthly commitment amount.

Good luck in salvaging your home with the famed hardship letter!
Find out more information about stop home foreclosure and hardship letter to stop foreclosure via StopForeclosureReality.com.