Tag Archives: interest rate
Sample Loan Modification Hardship Letter
The loan modification process can be quite intimidating. You have to fill out all kinds of paperwork, negotiate on terms with your lender, as well as write a letter stating hardship. Out of those three main steps, the letter is the most difficult to do on your own. To give you an idea of how your hardship letter should look, here is a sample loan modification hardship letter to give you some guidance:
To Whom It May Concern:
This letter is to formally follow up on my application for loan modification I sent in to you last week. The application states what we had and what we are looking for, but obviously does not go into how exactly we got into the situation we are in now.
There were severe cutbacks at my job in November and I was transferred to a lower paying position in the middle of other people getting laid off. I should be grateful, but the salary I receive in this position is ¾ of what I was previously making. It had gotten to a point where we were pulling from our savings and scraping change to be able to make our mortgage payments and pay the bills. Two months ago our interest rate went up from 7.45% to 10.35% as we have not been able to manage and keep up with our payments since.
I would like to request our interest rate be lowered to anywhere from 7.25% to 8.40%. We feel this is a fair number to both parties. We were always punctual with our payments before my demotion and my wife is due for a raise next month. We are willing to work with you in finding a compromise that we can both agree on.
Sincerely,
Your Name
It’s important to stick to the facts in these letters, and this sample loan modification hardship letter does not veer off from the point: I simply cannot afford the high interest rate in my current situation. Be sure you mention why you are having problems with your payments and make it clear that there is no way for you to be able to manage as you are now.
Also be sure to mention the rate you would like. Your lender doesn’t have time to sift through every application and determine the exact rates they want.
Stating the interest rate you’re looking for gives them even more of a reason to accept you, because you have determined the interest rate you can handle on your own. It also shows that you are worried enough to have done the work to determine your ideal rate. Use this sample loan modification hardship letter as an example and work around it. A good letter can make all the difference.
Loans for the self employed: Strong money help for entrepreneurs
Are you a self employed person? Feeling great to be your own boss or working on your own terms? Have many important personal and business needs to meet? Cannot able to meet your needs as you are facing financial hardships? Dont feel sad! For your convenience, the loans for the self employed have been especially designed by the financial lenders to help you. These loans are meant for all those people who are self employed or running their own business in any field. Through these loans you can procure strong monetary backing for fulfilling several important requirements without any discomfort.
For your betterment these kinds of Self Employed Loanscan be availed in both secured and unsecured forms. If you are looking for a huge amount for your expensive needs and have any valuable asset to put as collateral, then secured loan option is right deal for you. Here you can get funds in between £5,000 to £75,000 for longer time duration of 5 to 25 years and that too at lower interest rate, due to the presence of collateral.
On the contrary side, if you do not have anything to place as collateral then unsecured loans for the self employed option is best for you. This kind of loan is best for tenants and non-homeowners who dont own any asset under their name. Here you can get a chance to avail finance ranging from £1,000 to £25,000 for the flexible period of 1 to 10 years. Due to its collateral free nature, it will be charged with comparatively higher interest rate by the lender.
The helpful option of online mode allows you to apply for loans for the self employed
easily without any hassle. Here you will understand all terms and conditions of the loan easily with few mouse clicks, which saves your precious time, energy and effort. Due to stiff competition among many online lenders their interest rate may vary. A careful research would help you to get a lucrative loan deal at a pocket soothing rate.
The best thing about Self Employed Loans is that they provide you funds for any purpose from personal household bills to business related needs. These loans do not ask for any income proof and act as your gear fiscal partner in crisis.