Fleets: 30/07/2010 Related News – Universal Truckload sees Continued Growth in earnings, Universal Truckload "The services of the balance of income continued to see signs of a recovery, with a net income increase of $ 3.3 million to $ 4.6 million for the 13-week period ending July 3 …. Haines and Krieger Webisode – What are Chapter 7, 11, & 13?
How to write a letter of financial hardship to your lender
How to write a letter of hardship?
Al Malik Ahmad, lawyer
(No copyright reserved: Used extensively with their own review at their own risk, just send me an e-mail confirmation. No legal advice is understood and always here]
[Ahmad Malik is a lawyer Las Vegas with his own law office. He can be reached at Malik11397@aol.com . He is admitted to all courts in the state of Nevada. His practice areas include real estate, bankruptcy and] loan modification.
By far, writing and the inclusion of a hardship letter is a need (a nun sine quo to use the legal jargon) and the most sought after by demands from their lenders. This letter does not require hardship and asking the best English language writing skills, but at least it provides for a strong composition that details all the difficulties it is experiencing today. Give them a long list of all the economic problems that have. Do not make it too long. A synopsis is enough. Here, in this brief article I will touch on all those points where the lender may base its decision to loan modification. Remember, the documents supporting your lender required are: (1) bank statements, (2) the tax roll for two years and (3) receipts for payment of the. Almost all lenders require this hardship letter. Here, I am giving first all points of difficulty which may or may not be necessary and appropriate in each case, but that can be edited to suit your needs.
1. Difficulties with you:
You are telling your own story. Write a story.
"I had a job IBM continued in the past seven years, and the company closed the local plant. Consequently, I was fired from work. I've been looking for work for quite some time. Initially, I was drawing unemployment compensation, but since last few weeks (or months) I ran out of such compensation. I was about to send my resume to several employers. Due to the current difficulties, I am not getting many answers.
"We're just doing our normal costs home. If you look at our history of mortgage payments, you would see that there was a pattern of timely payments on our mortgage since we first bought this house in 1999. Just three months ago when we were the first offenders. We thought it would catch up. Initially, taken from our line of equity, but has reduced and now frozen by our bank. We do not like to borrow from family and friends at this time. "
2. About your family:
"Luckily, my wife is still working. She works as a nurse at the local hospital. She used to working overtime, but due to the dismal conditions, the hospital had cut their overtime. She also worked part time, but recently, the County has set up its benefits to "poor.
"We have had lately an extended family in our home, as my wife's parents had joined us. My mother is 82 in poor health accompanied by my 92-year-old father in law. Currently, both are living with the place, and that rural areas where medical facilities had not lived modern. My mother suffers from Alzheimer's. My wife often had to take to the local offices of medical professionals. They had to go at least three times a week. Although sometime in the laws of our help in things from home, but largely to cover expenses. "
"Unfortunately, our 10 year old son was diagnosed with liver disease. We had to buy the latest drug that is not covered by our health plan, and there is no generic substitute of these drugs. We had to spend upwards of $ 300 each month on these drugs. "
"We had recently taken $ 20,000 of our pension and that it paid all the bills of age. We ran out of money quickly, and now the Fund has placed severe restrictions on the withdrawal more. "
"My wife, who worked as a nurse at the local hospital I always wanted to pursue a master's degree in public health (MBA, Public Administration, Nurse Practitioner, etc). Have enrolled at the University of Nevada in its MBA program where a year left in his realization. She likes to be a university professor of nursing. Our expenses are quadrupled due to its inclusion and make fewer hours in their regular employment .
"I am enrolled in an MBA program at University of Phoenix (CPA, Law School, cooking school, automotive technician course, vocation schools etc.) It is the evening program extending to four years degree program. I've almost finished the first two years. It was a wise spending my savings as I expected a promotion at my work place. Hopefully, someday I would be rewarded for their hard work. "
3. Situation general:
"We had a lower interest rate initially for the first two years. We had a good FICO score and although always we can improve the rate of interest. Our loan officer promised us that once they are rooted in our home for a while, that would be eligible for more favorable interest rate. We had not seen anything better interest rate than the fact that these interests are steadily rising. Was used to pay a payment of $ 1,650 per month, which increased by an upward adjustment to $ 1,850 and now from the last three months had risen to $ 2450. This is an exorbitant amount, unfortunately can not afford. You can choose between paying for basic necessities of life or pay only the mortgage only. We have also seen a sharp increase in our utility bill, including the cost of transport. Also, my travel time has increased due to our work place moved in the distant part of my house. "
"Our loan officer always told that our interest rate is locked at 5% percent. We were surprised when our lawyer friend came to our home for a social function and we show our custody papers. According to him, there are quite a few violations of RESPA and TILA. Never showed A copy of the estimate in good faith. This certificate is not provided full disclosure under TILA. Our lawyer friend had told us that in his opinion, is a victim some predatory lending practices, and that we should seek immediate legal assistance. He also told us to seek a loan from forensic audit. "
"We the people are not in dispute. At this time we are requesting a loan modification with a significant decrease in our interest rate and a reduction in our balance of principal. We are not criminals such people. We love this house, and like to continue staying here. This has been a part of our American dream. Our hardship is temporary and is expected to resolve in the coming years. At this time we are requesting a change loan with a significant decrease in our rate of interest and principal. Interest rates are historically low and the bank also had accepted money from the federal bailout. We do not anticipate another loan modification, and whether that right enforces the terms and conditions set by it.
About the Author
Malik Ahmad is a Nevada licensed attorney and counselor at law. He is admitted in all courts in the state of Nevada, including US District Court. He has an extensive experience in real estate, including mortgages, escrow, rela estate and foreclosure. He is a solo proprietor and the principal of a small firm in Las Vegas, Nevada
