Divorce is a terrible time to go through – it is not only the emotional trauma that brings us down but also the financial problems associated with it. Many people fall back on mortgage payments after a divorce settlement has taken place and it can be quite traumatic for them to feel that they may not be able to pay for the home they so lovingly built. However, this is not the end of the world. Even if you have fallen behind on your mortgage payments or foresee that you will in the future, there are ways to handle it.
Writing a mortgage hardship letter is the best way to let the organization that has lent you the money know, that you are in a financial crunch at the moment. Asking for a mortgage modification is a good way of handling this problem. Most mortgage companies already have systems in place that cater to cases of this type so you may not have much to worry about. The only downside to pleading with a mortgage hardship letter is that you might have to pay for a longer term than initially decided or even at a higher interest rate. But if you do not have an option, this settlement will work well for you.
Read the following mortgage hardship letter for reference before you begin writing one:
January 5, 2015
66 Merganser Street
Georgetown, KY 71937
Dear Ms. Cyrus:
The purpose of writing this letter is to explain why I have been delinquent in my mortgage payments since September 2014. My mortgage number with Capital One is 663531-22-24. At the time that I applied for the loan, I was married and our (my husband and I) combined monthly income was $15,000. This amount provided sufficient leeway for us to meet our mortgage obligations over the previous two years.
In August last year, I got divorced and my ex-husband no longer contributes to household expenses. Presently, I am going through a terrible legal battle for the custody of our three children. In view of all this, I request you to consider a mortgage modification in my account. If my monthly payments can be reduced to half the amount of what I am required to pay at the moment, I will be able to fulfill my obligations. I understand that the loan payback period will increase if this is done and I am willing to accept that.
Please let me know how I can go about applying for a mortgage modification. It is my goal to bring my mortgage current and I would appreciate a prompt reply from you. Thank you for reading this letter and understanding my predicament.
Mortgage #: 663531-22-24
88 Elder Street
Georgetown, KY 01277
Sally @ email . com