Don’t get to that Point where you have to Write Financial Hardship Letter

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I was recently reading advice given to somebody who had overspent  and had accumulated a large amount of debt. The in debt person had two credit cards that had been cancelled and was having to borrow from the scum of lenders payday/title loan enterprises.

Now he was paying some online financial advisor to help him out of a mess that was caused by his careless spending patterns and some problems with addiction. The sad and disappointing  part is that  the “financial advisor” was The MortgageHome.com who have PDF files stored online with sample financial hardship letters. So, what is their motive to give you advice like writing a quality hardship letter is a very important part of your loan modification? 

I don’t think they are talking about the mortgage a troubled borrower who took out a loan with them. More probable is they are trying to get potential borrowers to improve their credit score so they can take out a mortgage from MortgageHome.com once their credit score gets to a respectable level.

What I am saying is that their strategy is to get struggling debtors to beg for forgiveness from existing creditors so mortgage companies can become their biggest creditor.  Then you will have that mortgage company to worry about when your wife loses her job or you stumble upon some other sharp financial rock.

BTW the work of Casey Slide is an excellent guide on how to deal with a spouse who spends irresponsibly. Miss Slide resembles  the very sexy and attractive body builder Casey Marshall.

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