A Science To Receiving Loss Mitigation Hardship Approval
May 19th, 2008A hardship packet is similar to filing a tax return. If you do NOT know how to crunch the numbers the right way, the hardship packet will get disapproved. This is the battle the homeowner must fight when working with the lender and most times it ends with the lose of the home to foreclosure.
Most homeowner’s do not understand the negotiation process, do NOT have the time to spend hours on the phone with their mortgage lender or know what the lender needs to see in order to prove financial hardship to save their home from foreclosure.
The #1 reason a homeowner should hire a 3rd party for these negotiations to receive Loss Mitigation Hardship Approval with their lender, is “the process of a hardship packet“. Not only is the homeowner up against the ever-changing policies and procedures of the loss mitigation department, but they are up against many other files with similar hardships, not to mention the bureaucracy of each mortgage lender of “how” the process works and how to put together financials to PROVE to the lender that they can still afford the home .
