Once you’ve outlined the background to your predicament, you need to show how you intend to fix it. In this instance, the more you can divulge, the better. This helps to paint a picture of why you need help. If you’ve lost a job, had unexpected medical emergencies, had serious marital problems like divorce, mention it here. Anything that supports your claim should be included here. This is where you start to give some background to your hardship. At the end of this brief section, you also start to make a case for why you should be helped. The sooner you get into why you are writing, the better. Naturally, you should introduce yourself, but don’t spend too much time on this. You want to get right into the meat of ‘why’ you are writing. Usually, a reference number included at the top is enough. The only difference is that your hardship letter must contain some reference to your existing mortgage. The letter won’t start any different from your conventional letter in the sense that you’ll still need to include your personal details, the details of who you are writing to. I’ll give you a killer outline that you can use to draft a winning hardship letter, and even if you end up getting one professionally drafted, you’ll be able to gauge its suitability and strengths. Most examples won’t go over the more potent points that are essential for success, and even when they do, you don’t get much out of it. You must present a positive attitude with your letter as well as what your plan of action is so that you can get your finances back in control once again.įinding an example of a hardship letter for a loan modification is never as straightforward as it seems. Your hardship letter should only be a few pages or even shorter. You have to remember though, and there are a lot of other people who are applying for the loan modification program, especially with the current economic crisis. You should let your lender know just how important it is for you to be able to keep your home as well as let them know that a loan modification is the only option left that you have so you can repay your loan. However, the most important factor your letter should be is, to be honest. It is more important to be sincere with your hardship letter than to write a piece which you intend to be an eye-opener. In addition, you should be brief and concise. But at the same time, you should stick to just the basic facts. When writing your hardship letter, you must let your lender know the real story behind the downfall of your expenses.
But most of all, your lender should see that you are still determined to keep your home, and it is on the top of your financial priorities. You must also let them see that through this loan modification program, you can repay your loan with them. In addition, you should also explain the reason why you require a modified loan.
The important thing you must remember when writing your hardship letter is that it should depict your current financial dilemma which you are going through to your lending institution. Since there are many loan modification requests which are being denied, it is important to know how you can write a letter properly so that you do not get rejected. Thank you for your time.A hardship letter is required from you since it will inform your lender of the things which he needs to be knowledgeable about. I am anxious to collaborate with you so that we can create a modified loan agreement. I truly hope you will consider working with me to settle this matter. A lower payment would help me keep my home and also pay back what I owe to your organization. My financial situation has improved so that I can make consistent payments. To accomplish this, I will need help.Ī loan modification will help me pay back this home loan. I want nothing more than to repay this mortgage. Because of this, I am unable to keep up with my current payments and make up past ones.ĭespite, I have not been able to catch up. Thus, with late fees and interest, I have fallen even further behind. I fell behind on my mortgage payments when Once I fell behind, it seemed more and more difficult to catch up. Modifying my loan's rates and term will help me accomplish both of these goals.
My focus is to keep my home and to repay my loan. Thus, I am asking to modify my home loan. Though I have made cutbacks, I am unable to keep up with the current payments.
#SAMPLE LETTER FOR HARDSHIP LOAN MODIFICATION SERIES#
I am writing to explain the series of unfortunate events and situations that have causes me to fall behind on my mortgage payments.
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