Each lender will follow roughly the same steps when assessing your application. We truly wish to keep our home and are willing to do what ever it takes to work with you to bring our mortgage up to date and to give us a fighting chance to keep it current in the future.
Now i don t know the exact wording of the fine print included in the mortgage papers these borrowers have signed but i can only assume the fine print read something like this.
Mortgage recast letter sample. The lender will ask you for much of the same information as it would when applying for manufactured home mortgage a mortgage such as access to your credit score and income statements. This letter explains the difficult situation which caused me to fall behind on my mortgage payments. Here s how it works.
Sample loan modification letter. Plugging the numbers in a calculator you get a monthly payment of 2 684 11. Your name your address.
To whom it may concern. The mortgage loan recast agreement along with the lump sum payment and a one time recast fee of 500 your new monthly mortgage payment amount will begin on the effective date specified on the mortgage loan recast agreement before requesting a loan recast as a borrower you should consider your goals and options. You as a mortgagor on the loan must request the mortgage loan re amortization request in writing by signing this form you must pay a 150 fee for the mortgage loan re amortization the loan cannot be past due with an amounts outstanding the original interest rate and maturity date will remain the same.
On behalf of big organizations when loan request letters are sent to sponsor banks the format is very formal. Notice this letter sample send by a space research organization the letter is sub divided into categories. A loan restructuring request letter is a formal way to request a modification to a loan this letter is the place where the borrower can express his or her financial troubles in personal terms to have the best chance to stop a foreclosure or receive better terms on an outstanding loan.
A loan recast is just a fancy term for re amortizing your loan schedule with the remaining terms of the loan. Let s say you got a 30 year fixed mortgage for 500 000 at 5. If you paid every monthly payment on time and at the same amount as.
Mortgage loan recast requirements. Instead mortgage lenders sometimes offer to recast the borrower s mortgage but the borrower needs to make a large principal payment to qualify for the recast. Your bank s name loan number.
Sample request for loan letter template. Mortgage recast letter sample applying for a home equity loan is similar but easier than applying for a new mortgage. Letter of intent to recast my mortgage a certified check to be applied against my principal and a seperate check to cover the recast fee both checks were received letter of intent to show employment for mortgage purposes may 5th 2018 the ability to use a letter of intent to hire when qualifying for a mortgage depends on an individual lender s.
Be sure to mention that the home is worth less than the mortgage balance documents are enclosed to support both our hardship and our efforts to fix the problem. Under every category. I would like to be considered for a loan modification to decrease my payments fix my interest rate at a lower rate and.