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People asking for loan modifications should write mortgage hardship letters that include explanations of their financial hardships, potential solutions and steps already taken to address the hardships, advises Bankrate. ... More »

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When composing a hardship letter to a mortgage company to defend a foreclosure, you should present a clear picture of your current financial situation and explain the circumstances that are beyond your control that have ... More »

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To write a hardship letter to avoid foreclosure, start by explaining the purpose of the letter, such as a loan modification, in a compelling yet concise way, and then provide additional details in the next paragraphs, re... More »

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Mortgage loan applications require information about the type of loan sought; the property wanted; the applicant's personal information; his employment history, income, assets and financial obligations; and the disclosur... More »

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PMI stands for private mortgage insurance, and it protects the lender from loss should the borrower default on the mortgage loan, according to Bankrate. Lenders require PMI if the down payment on a mortgage does not exce... More »

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A jumbo mortgage is any home loan that exceeds the current conforming financing limits set forth by Fannie Mae or Freddie Mac, according to Bankrate. The current conforming loan amount across most of the United States is... More »

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A VA loan can be assumed by any individual who meets the lender's requirements as if he were applying for a new loan, according to Bankrate. Therefore, the buyer must use the original lender when assuming the loan. More »

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