A loan modification hardship 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. Banks and other lenders don’t want to know the life history of a borrower, but they want to know that he or she has a legitimate reason for requesting help.
The two main reasons a borrower needs modification on a loan are job loss and medical issues. However, other reasons may be divorce, death of a spouse, newborn child, military duty and relocation. Other possibilities are a failed business or a business that is suffering from an economic slowdown.
Borrowers
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This is not the place to complain about life’s slings and arrows. The reason for the hardship should be stated matter-of-factly. The borrower should clearly state the ways in which he or she is planning to correct their financial situation. They may need to give proof that they are searching for a job, or give medical records that show they will be able to work at a specified …show more content…
Personal letters are more likely to be viewed as genuine and not from a template.
There are a few things that should not be included in a loan modification letter. First, the letter should not give a long and detailed narration of the hardship. The letter should clearly state the facts of the hardship. The borrower should not exaggerate his or her hardship. The letter should be honest and not put the blame on someone else for the hardship.
Below is a sample loan modification hardship letter. Since it is a formal document and will become part of the borrower’s and lender’s permanent file, it should be written in formal business style and sent by certified mail. The letter should be succinct and not more than one page. The borrower should keep a copy of the letter as well as the receipt that proves the lender received it.
Name of Borrower
Address of Borrower
City, State, Zip
To establish ethos, arguments must attain three things: credibility, authority, and unselfish motives. Together, Martin Luther King has an excellent display of ethos in his letter, “Letter from the Birmingham Jail”. King “came to Birmingham with the hope that the white religious leadership of this community would see the justice of our cause … Struggle to rid our nation of racial and economic injustice” (1963) His dream of equality is not selfish at all. He goes on to explain his experience being black, being segregated and treated badly as if his people was an exile in their own land. Containing personal experiences and knowing this topic very well, King has an authority to speak. He affirms his credibility by showing he has done his homework by referencing to hard evidence like Jesus Christ, Thomas Jefferson, John Bunyan, Abraham Lincoln, and Martin Luther to support his own cause. Once
The text circulates in the form of a letter written by renown Civil Rights leader, Dr. Martin Luther King, JR. The letter was originally written on April, 16 1963 and subsequently published on June 24th of the same year. The letter was crafted as an explanatory response to the criticism made by eight white Alabama clergymen who openly condemned his civil disobedience demonstrations. Therefore, one can logically conclude that the author’s targeted audience only comprised of the eight Alabama clergymen. Letter From Birmingham Jail, analyses the concepts of direct action, justice, human progress, oppression, and freedom from a religious and moral framework. Lastly, parenthetical citations are used throughout sections of the letter in order to
Dr. Martin Luther King, Jr. was the leader of a peaceful movement to end segregation in the United States this mission led him in 1963 to Birmingham, Alabama where officials and leaders in the community actively fought against desegregation. While performing sit-ins, marches and other nonviolent protests, King was imprisoned by authorities for violating the strict segregation laws. While imprisoned King wrote a letter entitled “Letter from Birmingham Jail”, in which he expresses his disappointment in the clergy, officials, and people of Birmingham. This letter employed pathos to argue that the leaders and ‘heroes’ in Birmingham during the struggle were at fault or went against their beliefs.
Racial inequality is once again on the forefront of Americans ' minds, and the rise of the Black Lives Matter movement has become a topic of contentious debate. However, this tension is by no means a new phenomenon, this is the same anger that inspired civil rights leaders like Martin Luther King Jr to rally against the status quo and fight for racial equality. The essay "Letter from a Birmingham Jail" by King addresses the same issues of racial inequality, prejudice, and police violence that has given rise to the Black Lives Matter movement. In the 1960 's, the Jim Crow laws that mandated segregation and prevented black Americans from voting were brutally, and blatantly racist policies. Additionally, the penalties for breaking these laws
On the other hand, many courts have abandoned the imposition of good faith obligations on the lender beyond what is set forth in certain loan agreements. In 1987, the Bankruptcy Court for the District of Massachusetts held that the holder of a demand note does not need a good faith reason or any reason at all to demand payment.
The United States civil rights movement was a constant battle for the rights and freedom of African Americans. Martin Luther king Jr., the leader of the civil right movement, was hosting a non-violent protest in Birmingham city. However, the protest did not go as planned and King was arrested for agitating the public. Many fellow white clergymen were angered and upset over the “Ungodly” act. As a result,the Clergymen wrote a statement that claimed Martin Luther King Jr. to be an extremist. Martin Luther King Jr. responds to the clergymen’s statement while residing in Birmingham jail by writing a letter using the ethical, emotional, and logical appeals to defend his actions.
Dr. Martin Luther King, Jr. wrote his famous “A Letter from the Birmingham Jail” on April 16, 1963 while he was imprisoned in the Birmingham Jail for being involved in nonviolent protests against segregation. The letter is directed at eight white clergymen from Alabama who were very cynical and critical towards African Americans in one of their statements. Throughout the letter, King maintains an understanding yet persistent tone by arguing the points of the clergymen and providing answers to any counterarguments they may have. In the letter, King outlines the goals of his movement and says that he will fight racial inequality wherever it may be. Dr. King uses the appeal three main rhetorical devices – ethos, logos, and pathos – in order to firmly, yet politely, argue the clergymen on the injustices spoken of in their statement.
When reading historical letters and or other types of reading materials, one cannot bear to become intrigued when reading these didactic and informative pieces of art. For example, one of the most known and most important pieces of historical masterpieces’ would have to be Martin Luther King’s “ Letter From Birmingham Jail.” This letter was written in response to the published statement that was written by eight fellow clergymen from Alabama. Those eight fellow Alabama clergymen were Bishop C.C.J. Carpenter, Bishop Joseph A. Durick, Rabbi Hilton L. Grafman, Bishop Paul Hardin, Bishop Holan B. Harmon, the Reverend George M. Murray, the Reverend Edward V. Ramage, and the Reverend Earl Stallings.
...They also have the option of Deferment or Forbearance, and also the option to see if they qualify for Forgiveness, Cancellation, or Discharge. They are options available for borrowers instead of going into Default.
Simkovic, Michael. "Risk-Based Student Loans." Washington and Lee Law Review 70, no. 1 (5 September 2011).
My financial situation has not been the most stable throughout my post-secondary education. At the moment I have a part time job while I am at school. Having a job while I am at school does effect my performance, however I am still able to do very well. Over the course of my post-secondary education, my financial situation had become so severe that I was not sure if I should even complete school. Gladly, I am still in school and am working towards my goal however, things are not yet that bright financially.
Financial Aid in Education A guy in $50,000 of debt has got to be irresponsible with his money, right? Actually, it is more likely that he is a college student. Hundreds of thousands of college students around the country are in financial predicament because of the government?s impersonal financial aid policies. The federal government?s current system has too many quirks that end up hurting the people that financial aid is supposed to help.
Just as with your original mortgage loan application, you will need certain paperwork for a refinance, such as your tax returns, proof of income, bank account statements, information on investments, and all outstanding debt. If you already have this paperwork compiled, it will make the process of refinancing go much more quickly. Remember, the lower your debt-to-income ratio, the better the mortgage refinance rates you will be offered. The greater your equity, the more options you will have, as well.
The term “Financial Distress” is referred to the situation of an organization where the payments to the creditors of the company cannot be made on the due dates or the specified dates of the payments. In another situation of the financial distress the payments to the creditors are made with a great difficulty (Warner, 1977).
Rainey, Dennis. “How Do We Deal with Financial Difficulties?” Family Life.com. N.p., n.d. Web. 29 Sept. 2011.