How do I write a medical hardship letter?
How do I write a medical hardship letter?
Some important tips for your hardship letter:
- Keep the letter short and to the point.
- Include a financial statement that shows your income and expenses.
- Always be polite and courteous.
- Explain that you are in hardship and why, and how that is linked to the medical condition in question.
Can you take money out of super to pay debt?
Can I access super early to pay off debts? Yes, but it’s important to understand that early super payments made under the severe financial hardship provision can only be used to pay your reasonable living expenses.
Can you get a loan modification with bad credit?
In many instances, the eligibility criteria for loan modification programs allow homeowners with low credit scores to participate. But if you have a bad credit score because you have a lot of debt (not just your mortgage) and you are delinquent on many of those accounts, then your lender may deny your application.
Can I do a loan modification?
You can only get a loan modification through your current lender because they must consent to the terms. Some of the things a modification may adjust include: Loan term changes: If you’re having trouble making your monthly payments, your lender may modify your loan and extend your term.
How does the flex modification program work?
Flex Modification requires the mortgage servicer to reduce the homeowner’s payments on the loan by adjusting the interest rate, adding overdue payments to the remaining loan balance, extending the term of the loan, or setting aside part of the remaining principal.
Can you get a home equity loan with a loan modification?
You can refinance a modified home loan depending on your current financial conditions, the terms of the modification and how much time passed since completing the modification. Typically, lenders don’t approve modifications unless you stand a better chance of repaying the debt under new modified terms.
