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The recent down turn in the economic situation has left many people struggling with mortgage payments. To receive relief from a mortgage that has become something that is no longer affordable you may need to learn how to approach the bank that holds your mortgage in the right manner to get results as fast as possible. You will need to explain the situation to the bank giving them the 3 pieces of information they require.
First write a rough draft outline listing the reasons you are currently facing financial hardships, this will help you to remember everything because you dont wont to leave out any information the bank may view as important to your situation. The letter should be short and to the point but at the same time include all the facts.
The first piece of information you need to include in your letter is what happened to bring you to this point. If it was a change in job that resulted in less money being earned tell them the dates you changed jobs and why. Making less money per hour but working more hours closer to your home or similar situations is a good way to get the bank to understand why your financial situation is experiencing a hardship.
Second make sure you include a time line of your events, a change in job or a lay off from a job are a family illness with a hospital stay will show why you were late with payments or having difficulty making payments.
Third and final piece of information to make the bank aware of is the steps you have taken to correct the financial hardship. Let them know if you have stoped receiving a satellite service or downgraded an internet connection from dsl to dial up, tell them about any extra income avenues you are currently implementing such as selling any valuable collections you may have such as works of art or fire arms.
Try to keep your letter short and to the point, make sure to stress the point of how important it is to you to be able to pay your mortgage and all other bills you have. Let them know that you are an active member of your community and have the welfare of your family to think about.
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