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Mortgage Loan Modification from WaMu
There are several choices for homeowners to choose from with a mortgage loan modification from WaMu. Since November 2008 WaMu has been willing to assist homeowners on the verge of foreclosure. And after the new modification regulations and incentives under the Obama Administration, they have recently become even more open to loan modification negotiations.
Mortgage loan modification from WaMu is only available to homeowners with mortgages from WaMu. The existing mortgage can also not have been modified or refinanced in the past to qualify. Besides these two special bits of criteria, WaMu has same basic requirements as other lenders.
Find the guidelines for WaMu mortgage modification before attempting to apply. Applying without full knowledge of that they expect from you before a modification can and usually will disqualify you. Besides that, knowing what their requirements are will give you a sense of peace of mind from being informed.
Wamu offers an application for mortgage modification online, and it is the fastest method to get approved. Be sure to fill out and all fields truthfully and make sure you do not miss any fields. Even accidentally skipping a field can be means for denial.
They are going to be looking mostly at your income, mortgage payment history, and expenses to determine whether you are qualified or not. Keep in mind that anyone applying for mortgage modification must be going through times of financial hardship, and otherwise will not be approved.
The Home Affordable Modification Plan ensures that homeowners who are going through financial hardship are given the right to apply, but not necessarily be approved depending on the criteria the lender is looking for.
Submit your hardship letter in at the same time to send in your application in order to speed up the approval process. It takes approximately eight weeks for your application to be looked at and then approved. Submitting the hardship letter after the application can push it back at least a week.
WaMu is relatively easy to get a loan modification from in comparison to some other lenders, but that does not make it easy. They require that you fill out the loan modification application as perfectly as possible and have a convincing and professional hardship letter.
Mortgage loan modification from WaMu is a great step in the right direction for homeowners across the country, but it’s a shame that even small mistakes can disqualify you. All lenders require attention to detail on your part, but WaMu requests more than average.
What to Include in a Loan Modification Hardship Letter – Helpful Advice to Getting Approval
The loan modification hardship letter is often thought of to be the most difficult part of applying for a loan modification. Not only is there a large amount of pressure on the hardship letter itself, but certain information needs to be included while other information should be avoided.
Because of the need to write the loan modification hardship letter, many homeowners get discouraged. But keep the following points in mind and you’ll be writing the perfect letter to send to your lender with ease:
At the start of the letter, be sure to state that you’re writing the letter to supplement your application. This can easily be done by using a sentence like “I am writing/sending this letter to support/explain my application for loan/mortgage modification.”
The hardship letter needs to include any circumstances leading to your current financial hardship. Some examples of circumstances would be: being laid off or demoted, or loss of a cosigner or spouse. Besides these circumstances, there are several that any lender will accept. Lenders understand that life happens and there are just some situations you cannot get out of easily, if at all.
Explain why your current interest rate is unmanageable for you. This is different from circumstances in that you explain what you’ve done to try to accommodate the rate, but can’t find the means to do so. A rising interest rate on the same budget that you’ve had for a long time is also means for a loan modification.
Before writing the letter, come up with a budget or plan that you’re going to use to handle your expenses. Explain the main points of your budget or plan in your hardship letter. This shows that you are going to try to make changes to keep in your home and on your feet.
Including the interest rate you’re looking for in your loan modification hardship letter cannot hurt your chances for approval. And if you’re approved, you may even get that rate. Just be sure that it is reasonable and explain why that rate works for you.
Somewhere near the end of the letter be sure to include your intent to stay in your home and work with your lender. They don’t want you to go into foreclosure, but they do not want to give assistance to someone who is not going to make an effort either.
These are the main points you should include in your loan modification hardship letter to get the best results. A clear, concise, and professional letter will get you that much closer to a modification.