Brad Knuth: How To Write A Hardship

How to Write a Hardship Letter for Chase Bank

How to Write a Hardship Letter for Chase Bank

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Bukisa ? Money ? Real Estate

How to Write a Hardship Letter for Chase Bank

Jan 18th, 2009

Hardship Letters make or break the chances of selling homes as a short sale. JP Morgan Chase & Company, Chase Bank, focus on hardship letters to see how you're affected personally with your financial situation. Learn how to write the best hardship letter possible to get Chase Bank to approve your deed in lieu, short sale, or loan modification.

Step1
First brainstorm about your hardship. Sit down, and write down every idea that pops in your head about why you can't afford your house. Why are you having financial difficulties. Loss of job, medical bills, increased property taxes, child's college education tuition, divorce, credit card debt, etc. Write every possible thought that has any affect on your financial situation or your wanting to negotiate some kind of loan modification with Chase Bank. It doesn't matter what you write down. Don't think too much, just write whatever pops in your head. Sit and write until you have at least 5 ideas. If you don't have 5, you're thinking too much. Just write whatever pops in your head.

Step2
Now look at your hardship letter brainstorm list and pick the most obvious ones that have the most affect on your financial situation and ability to make payments on the home. Look at the list as if you were Chase Bank, or your specific bank. Which hardships would you look at as the most crucial? Once you select 3 or 4 hardships, focus on them and explain exactly why they are affecting your ability to make payments on the loan. (For example: I was laid off on Sept. 27 and as a result, my monthly income has decreased by ,100.)

Step3
Now you're ready to begin writing and putting together your hardship letter. Rule # 1, make your hardship letter less than one page paragraph form. Loan modification or mortgage loan workout department reps look through many letters. They don't want to be reading a novel to find out why you can't afford your mortgage payments.

Step4
Line 1: At the top of the hardship letter type Chase Bank, or your bank's name that you are requesting the deed in lieu from. Line 2: put their address. Line 3: type their phone number and fax number. Skip a space. Line 4: type the date. Line 5: type "RE: Request for deed in lieu - (Your Loan # and Property address)." Skip a line and start your letter with: "Dear (Chase Bank or Bank's Name) Representative:"

Step5
First paragraph: State a change. Mention what change took place why you can no longer afford your payments. Keep it brief and simply let them know that some change happened between the time you bought the home and now which has affected your ability to pay your mortgage loan. Ex: "There has been significant changes in in my financial situation since I purchased my home in October 2001."

Step6
2nd paragraph: State why your area is bad. Ex: "My property is located in ______ town. The taxes have increased, property values have declined, there are 5 foreclosures on my street, etc." List any bad circumstances for your specific location that support your case for a loan modification or short sale , etc.

Step7
3rd and or 4th paragraph: List any of the following and explain using details and specific numbers as best as you can such as: wrong doing by mortgage loan broker, bad adjustable mortgage loan on the property, hardships (income I depended on is no longer available, increased bills, inability to work due to health or disability, etc. - from your brainstorm list).

Step8
Final paragraph: Clearly state that you "cannot pay" and need to negotiate some kind of modification or change to your mortgage loan with Chase Bank. You don't have any other options available. Leave your contact info or your agent's contact info if they require further information. Sign, date, and give to your agent, attorney, or bank. (See warnings below)

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3 Comments

Oldiest comments first

Jester51

3 years ago

#1

Me again. The other number is for their credit card dept and my lot is 5.4 acres and I guess you have figured out this is TEXAS. I have 2 credit cards with them and 2 others that followed suit when they raised my APR. They are evil. Bless your heart for helping. Jester on MSN messenger.

And Jester and the ferrets on MSN spaces.

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Jester51

3 years ago

#2

I wrote an extensive letter to Chase Bank using the contact information given. After talking to a customer representative I found out they have a special address you must write to and my letter was probably trashed. The address given to me was: Line of Credit - home at 614-422-7171, Chase Home Finance Attn: Research Dept., PO BOX 24714, Columbus, OH 43224-24714. I also inquired about the 27.7 % apr they were charging me as I am a long time customer and have almost always paid on time - have been a day or two late a few times. They are now offering new customers 5.4% APR. They did not have another address to give me but assured me that letter was probably trashed also. They gave me a contact number, 866-550-5705 to get he ?Modification Dept.? and get an address. They also assured me there was a ?help for homeowners? link online but I?ll be derned if I can find it. Their contact internal email is a joke - it logs you out after a minute and you must keep refreshing your home page or you will have to start over. I hate them. I was late on a payment and they told me after 60 days they would repossess. This is Tecas and you cannot repossess a homestead or garnish wages. Thank heavens. But they will lie. After great hardship I made the late payment Friday, called the very evil woman back and gave her the confirmation letter. They called me again Saturday morning at 8:00 to ask me for it again and then again Sunday before noon. After I told them again they tried to collect the payment that was now 6 days late in a very threatening way assuring me they would ruin my credit. They are heartless and relentless. I tried to get another home improvement loan last year after going deeply in debt and sinking 70K in this house in 2002. They valued at 52K - the selling price in 1987 and told me when I complained to drive around and check realtor?s, call them about recently sold homes and provide them with this information. I was told by an estimator my lot alone was worth 250K and their estimate was based on a frame home, no improvements, 2 bdrm 1 bath on a small lot in town. Mine is 3 bedrm, 2 full baths, a laundry room, on a 3.4 acre beautiful lot right on the lake with a view of the water on 3 sides. In my letter I researched homes in my area for sale and the cheapest one was a small frame home on a small lot for sale at 137K. I sent them pictures and listings. It took my poor blood soaked brain and crippled body more than 20 days to compose this letter and they just threw it away. Every month I must decide which of my bills to charge on these high interest credit cards and which of my medications I can do without. It just is awful.

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mochooro

3 years ago

#3

The government should enforced total modification considering the personal expenses,credit card bills, grocessies, medical bills. I have a friend worked with Maxibomero Marketing (exponent of do-it yourself loan modification at 9 per kit) of Chicago Il 60618 7735888776 told me that the lenders is the one delaying the loan modification processing, very disorganized, demand large down payment from homeowner, and does not have direct contact tel,fax,name in charge and email address. Somtimes lenders are in collusio with the outside foreclosed lawyer. The goverment should enforced to hold off the foreclosure at least for a year and enforced that unless is on the 8th missed payment the foreclosure proceeding will start.www.maxibomerofengshuiconsultant.com

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HUD Secretary Shaun Donovan hosts a Google+ Hangout moderated by Zillow to discuss the President's plan that would help millions of homeowners refinance their mortgages and save thousands of dollars a year. July 12, 2012.

Brad Knuth

Sunday, July 15, 2012

How To Write A Hardship

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