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Getting Started : Example of Pre Foreclosure Hardship Letter
from:Often when homeowners fall behind on their monthly or bi-monthly mortgage payments they tend to want to avoid communicating with the lender. In reality, communication is key and using the example of pre foreclosure hardship letter below may be just the tool to help your lender understand your current financial situation and what you need to be able to work with the lender. The example of pre foreclosure hardship letter provided below is just a template, you will need to add the specific details to help the lender understand your perspective on the situations that have lend to this point.
Typically when using the example of pre foreclosure hardship letter given below you may have additional issues that have led to the financial problem besides the one provided in the example. These may include:
• Death of a spouse or immediate family member
• Health problems and medical expenses
• High interest rates
• Personal tragedy other than the ones listed above
Example of Pre Foreclosure Hardship Letter
Your name and address
Today's Date
RE: Loan number
Dear XYZ Lender,
My name is John Smith and I have been living in the house I purchased on 12 Cotton Street, Anytown, USA for approximately 7 years. I purchased this house with your assistance on May 17, XXXX. Until March of this year I have been able to make all scheduled mortgage payments and I would like to explain why I have recently been unable to make the payments, despite my best efforts.
In March the company that I worked for went out of business, despite assurances earlier in the year that they would not be closing their doors. Rather abruptly in February we were given notice that as of March 1st the company would be no longer able to pay salaries. I immediately began looking for work in my field of expertise, however due to the specialized nature of my training it was very difficult to find employment at the same pay rate. Currently I am working two part time jobs, however my income is less than half of what it was when I was working full time. I have recently applied to two other companies in neighboring areas and am confident that I will be hired by one of the two. In addition my wife has returned to work on a part time basis, which has helped out with the household bills.
We are working with a credit counseling agency. Please find attached a budget sheet showing our income and household expenses, plus a proposed repayment plan for correcting our default payments on the mortgage. (Attach a detailed proposal). Our goal is to repay all payments skipped and make future payments on schedule.
I would be willing to discuss any options with you as we are sincere in wanting to correct this issue and continue to live in our home. Thank you for your consideration.
Sincerely,
John and Mary Smith
Each example of pre foreclosure hardship letter is slightly different, but they key elements should include a history of your good payment record, the reasons the payments have been missed, as well as what you are doing to correct the situation.
Pre Foreclosure Ca News
Foreclosure-prevention efforts bog down - Kansas City Star
 Arizona Capitol Times | Foreclosure-prevention efforts bog down Kansas City Star By MARC LIFSHER AND ALEJANDRO LAZO SACRAMENTO, Calif. -- Efforts to ease California's foreclosure woes, among the worst in the nation, are running into roadblocks at the state Capitol. A rare legislative conference committee called to rescue a pair of ... MBA Advocacy Group Challenges California Foreclosure Legislation Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds STATE USES NATL' MORTGAGE SETTLEMENT MONEY TO PLUG BUDGET Attorney General ... |
US Foreclosure Activity Shifting Eastward According to RealtyTrac(R) US ... - MarketWatch (press release)
 ABC News | US Foreclosure Activity Shifting Eastward According to RealtyTrac(R) US ... MarketWatch (press release) "Our preliminary first quarter sales data shows that pre-foreclosure sales -- typically short sales -- are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states." Non-judicial foreclosure ... April foreclosures a mixed bag RealtyTrac Says April Foreclosure Activity Declines - Update Realty Trac: foreclosures dropped to lowest level since 2007 |
Bill introduced to stop bulk foreclosure sales - OCRegister
Bill introduced to stop bulk foreclosure sales OCRegister Congressman Gary Miller (R-Brea) and several other congressional members have introduced legislation that calls for the Federal Housing Finance Agency (FHFA) to cease its plan to sell Fannie Mae-owned foreclosed homes in California to large investors. |
Foreclosures reach lowest level since 2007 - CBS News
 CBS News | Foreclosures reach lowest level since 2007 CBS News "Our preliminary first-quarter sales data shows that pre-foreclosure sales -- typically short sales -- are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona, and 10 other states." In late 2011 and early 2012, ... Foreclosures down, short sales up. Are banks getting smart? Foreclosures rise in April Orlando foreclosure activity down from March to April |
Calif. homeowners with foreclosed second mortgages targeted by firm - News10.net
 News10.net | Calif. homeowners with foreclosed second mortgages targeted by firm News10.net Many of the loans were secured by houses that already had been sold in foreclosure by first-mortgage lenders. By demanding payments from more than 1000 individuals in California, the lawsuit contends, Heritage Pacific has violated "the rights of those ... |
California Man Commits Suicide Before Foreclosure - ABC News
 ABC News | California Man Commits Suicide Before Foreclosure ABC News "The engine is smoking like a chimney," Norman Rousseau told his wife after working on an RV that was expected to be home for the couple after they were evicted from their house in Newbury Park, Calif. Those would be the last words Oriane Rousseau ... Man kills himself days before eviction from California home in foreclosure Activists Still Come Together for Foreclosure Victims Widow Sues Wells Fargo Over Wrongful Foreclosure That Took Devastating Toll |
Cities with the most homes in foreclosure - Inland Empire News
 Inland Empire News | Cities with the most homes in foreclosure Inland Empire News In California's Inland Empire metropolitan area, the rate was more than triple that. Using RealtyTrac's foreclosure rates and home price data from Fiserv Case-Shiller, 24/7 Wall St. reviewed the 10 metropolitan areas with the highest foreclosure rates. Real Estate > Cities with the most homes in foreclosure |
Foreclosure victims sued - ABC7 investigation - abc7.com
 abc7.com | Foreclosure victims sued - ABC7 investigation abc7.com LOS ANGELES (KABC) -- An Eyewitness News and California Watch investigation found that families across California were being sued after they lost their homes to foreclosure. Mina Shahab lives in a cramped apartment in Woodland Hills. Firm targets CA homeowners with foreclosed 2nd mortgages |