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Sample letter of explanation. While the exact content of your letter depends on your circumstances, you can use this sample letter of explanation to a mortgage lender as a template:
In the same vein, the spate of loan modification scammers who have taken thousands from already struggling homeowners in return for false promises to fix their broken adjustable rate mortgages ...
Goodwill letters are most effective when the late payment was an isolated incident caused by unforeseen circumstances, such as a financial hardship or medical emergency.
sample-letters-for-creditors-and-mortgage-companies.doc: Software used: Preview: Conversion program: Mac OS X 10.13.6 Quartz PDFContext: Encrypted: no: Page size: 612 x 792 pts (letter) Version of PDF format: 1.3
The hardship clause is sometimes used in relation to force majeure, particularly because they share similar features and they both cater to situations of changed circumstances. The difference between the two concepts is that hardship is the performance of the disadvantaged party becoming much more burdensome but still possible.
Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is "holding back". [1] This is also referred to as mortgage moratorium.
Other ways to get help with your mortgage payments. If your financial hardship is temporary, the Flex Modification program might not be the right fit for you. Here are some alternatives to consider:
Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming ...
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