Mortgage refinancing is a process that you can educate yourself on and 'knowledge is power'. If you want to keep your mortgage from going into foreclosure you can refinance the mortgage. A lot of the lenders are going to ask for a hardship letter from you telling them why you want to refinance your home. The instructions below are easy and will show you how to prepare a professional hardship letter. You will need to have a computer to write the letter.
The first step is to write down why you have a hardship. A lot of things can happen that will negatively impact your financial situation. You will need to spell out the events in clear and concise statements so the lender has a better understanding of how you came on hard times. They will generally consider refinancing to you if they have an explanation of why you need the refinance. You need to convey in the letter that you are a responsible person, but that events beyond your immediate control impacted your ability to repay your mortgage. Some of these events are medical, divorce, loss of job, to name a few.
Step 2: Use the information that you wrote down to compose your letter. It will probably be a series of e vents that brought about your hardship. Rarely is it just one event that is catastrophic, but a series of events that cause the hardship. This is the information that you need to write for your lender so that he will understand why you can no longer make your mortgage payments and he will agree to the refinance rather than foreclosing on the property.
Step 3: Be as brief as you can and don't belabor the details. You want to keep the lender focused on your plight, not lost in the long details of your hardship story. Be specific, stay on track, and let the lender know why you need the refinance.
Step 4: Be completely honest. You want to give enough detail for the lender to fully understand your hardship without divulging a lot of extra information. Say why you can't pay your mortgage, what plans you have in place to be able to start making payments again, and why you need time to start over. If you lie, or even stretch the truth, your lender will be able to find out. So be honest to start. There are resources to help you draft your letter if you need help. Go online and try to find a few examples.