hardship loan modification, hardship letter to stop foreclosureI have a daughter who is going through a hardship loan modification and it's very difficult to understand.  My daughter was working with a loan officer at the band and he told her to write a hardship letter to stop foreclosure on her house.  The loan officer spoke to her about the hardship loan modification and told her that this was the only way she was going to be able to save her home.

About two years ago we were looking at new homes and at the time my daughter's home was worth close to $350,000.00, but now it's only worth about $135,000.00, which is far less than they owe on it.  Unfortunately they made the mistake of refinancing the home when it was at its peak and they took out the equity to tile the whole house and completely redo their kitchen.  Sadly it has brought them to the point of a hardship loan modification.

My heart really goes out to those who have to go through the hardship loan modification.  It's very hard to understand the hardship loan modification, but it seems it's going to the only way out for most Americans who got caught up in this big housing bubble that finally burst!