In , a homeowner named Dan Bailey got a lot of publicity for writing a hardship letter to Countrywide's chairman, Angelo Mozilo, trying to induce the lender to approve a loan modification. That e-mailed letter--and Mr. Mozilo's response--became very public when Mozilo added some uncharitable remarks and then inadvertently hit "reply all" instead of "forward. Here's how to avoid what Bailey did.
Deed in Lieu of Foreclosure
How to Write a Heartfelt Hardship Letter to a Mortgage Company | Home Guides | SF Gate
Looking for a lifeline out of your mortgage debt? Grab our deed in lieu of foreclosure letter and escape the evil clutches of foreclosure right now. So what is deed in lieu of foreclosure? Without digging too deep into ancient wordplay, "in lieu" is an old French word for "instead". When you string it all together, it becomes "giving the deed away instead of facing foreclosure. A deed in lieu still makes a dent to your credit score though it's not quite as devastating as the big blow that your score will take from a full-blown foreclosure.
How to Write a Heartfelt Hardship Letter to a Mortgage Company
If you are facing foreclosure and you want to avoid it through a deed in lieu of foreclosure, then you will need to write a hardship letter. A deed in lieu is a form of loss mitigation, which usually means completing a standard hardship affidavit, although separate letters may also be required. As part of this process, you will usually also have to provide information such as bank statements, financial statements, tax returns, and pay stubs.
It is inevitable that we would join the mirth all over the rest of the toobz regarding The Tanned One's unfortunate use of the "reply" rather than "forward" button in the process of registering his "disgust" with a borrower who emailed some 20 Countrywide executives including the press office with a request for a mortgage modification based on a form letter he found on the net. Moe Bedard, whose advice on approaching his servicer this borrower faithfully followed, wasted not a moment in "reaching out to the media" with this story, managing to land it in the LAT yesterday. As a PR stunt, there's not much you can criticize here about Mr.