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Hardship Letter - Negotiator Review
[October 2, 2008] by Foreclosure Help
Filed under: hardship letter

The hardship letter is a written statement from a homeowner explaining why he/she has defaulted on the mortgage payment. As an employee in the loss mitigation department the review process is to evaluate the hardship letter and valadate the information on the letter. There are often discrepencies between what appears on the hardship letter, credit report, and other financial data received from a homeowner.

As a negotiator the Loss Mitigation Package, Workout Package are pieced together to evaluate a homeowners request for foreclosure assistance or loan modification assistance. The most important aspect of validating the information contained in the hardship letter is having documentation to support the claim of hardship. Details of the impact of unemployment or illness are required. Supporting documentation is requested from the homeowner. A statement froma doctor, specifics with regard to how an incident had a financial impact on a customer are examples of teh detail and documentation required in order complete a loan workout or loan modification.

Questions asked in the mind of a negotiator:

when did the loan become delinquent
how were payments made from the time of unemployment to when the loan became delinquent.

These are critical steps to better understand how a negotiator reviews a hardship letter.

Comments (1)

Short Sale Help
[June 9, 2008] by Foreclosure Help
Filed under: Countrywide Loan modification, Foreclosure Help, Help Me with Forecloser, foreclosure help in California, hardship letter, short sale help

Until now we have not found a reputable company that can help stop foreclosure with a short sale. In the last few months we have sent people we can not help stop foreclosure to a company and followed up and the homeowners we have sent have had great success. This company specializes in short sale help and have helped many homeowners stop foreclosure and sell their homes. We only refer people to this company if they can not afford their homes or homeowners that have given up and no longer want to maintain their homes. If you can afford your home and want to keep it we will help you stop foreclosure and save your home. Below are homeowners that have been helped. Whether you want to keep or sell fill out our stop foreclosure form and we will contact you.

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Short Sale Assistance needed

We were consistent on paying the mortgage until February of 2008. We moved due to our job transfer and ill parent. We rented the property to tenants, this was managed by a rental management company, the tenants have not paid any rent since February 2008, this is when my husband lost his job. Due to all this we have been unable to pay our mortgage and due to an adjustable rate that kept adjusting up to $3200. Countrywide is foreclosing is our company. We contacted them and asked to do a short sale but we have not been successful with our Realtor, tenants and keeping the house out of foreclosure.

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We need short sale help

March 17, 2008 I began the process of applying for the Loan Modification with Ocwen Mortgage Company. I sent all the required documents and failed to include the listing agreement, initially. After several conversations in which the Company stated that various documents had not been received, I responded immediately with faxes to cover the requirements, including the listing agreement. No action was ever taken to move the documents along to a decision-maker. My last conversation with the Company’s liquidation department informed me that the property was scheduled for a Sheriff’s sale on June 12, 2008.
The clerk stated that my package was incomplete, since there was no listing agreement and there was no request to participate in the program and there was no hardship letter. I was outraged and before the call was terminated, she stated that she found all of the documents, but since the information is now 90 days old, I would not be accepted. I pointed out that this process was started in a timely fashion and that no one ever gave me that excuse before. She put me on hold and then returned. She asked me what was the date on the listing agreement. I read the dates on the agreement. The expiration of the agreement was May 31, 2008 with a month to month extension, thereafter. She stated that she could not read the wrting regarding the extension, so as far as she was concerned the Listing Agreement had expired. My only option was to go to foreclosure and attempt to redeem the property after ten (10) days. I was and remain flabbergasted!
The Mortgage Company is still Ocwen is foreclosing.

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