| Re: COUNTRYWIDE HELP 90+ DAYS LATE + insurance claim payment?????
The hardship letter should contain what has happened to you and or the terms of the loan that has made you unable to make the current payment. An example would be a change in your rate from 4.5% to 6.5% has made it too expensive for you to make the payment. Another example might be that your hours at work have been reduced and you no longer earn the same amount of money that you did when you first received the loan. The bank wants to know what the circumstances were that changed.
If you give financial information over the phone, I would consider having it all spelled out on paper for yourself before you give the information to the bank. This way you can refer back to it in future conversations to know what exactly you told them. Bear in mind, the bank will probably look at what you earn and your expenses, and determine what kind of payment you can afford based on that information. |