The mortgage modification application which you submit to the lender includes a loan modification hardship letter which is supposed to inform the lender about various details in your current life. There must have been certain events which happened in the recent past and have affected your financial condition or is going to. There should be ample proof in the form of documents where you can show that you used to make regular payments before the occurrence of such incidents.
There are a number of events which need to be absolutely included in the loan modification hardship letter if they have really occurred. But there should be no bluffing because the lenders have their own verification systems which can easily catch you if you lie. Some of the incidents to be included are a family death, incarceration, job loss, medical bills, and the like.
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But before you commence with the loan modification hardship letter, it is always better to plan out a budget for the reduced mortgage plan. Make sure that the new interest rate amounts to less than what you have been paying all along. There are a lot of aspects which come into play with the new mortgage scheme and you need to have a plan for all of it. The amount which you will pay for the new mortgage should not be more than 31% of your total monthly income. Also, you should have a fixed source for the payment of the revised mortgage. Even if you do not have a job, convince them about your ability to pay through a job interview. Even the presence of a regular unemployment check will help your case. It is always better to stay away from modification process unless you have a job or a semblance of having a job because otherwise your chances of getting it go downhill.
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