Step 2 - Create your hardship letter
Step 3 - Apply for loan modification
Hardship letters is a very important gauge to communicate to your Lender. Through hardship letter you can express the intention that you want to imply and can freely as for loan modification. This is the way to explain your situation on why you are delayed or being resentful on your monthly obligations. This is the most crucial situation for preventing your loan to be closed.
When writing a hardship letter you need to state your main objective about writing a hardship letter. Be truthful on your real situation. Attach supporting documents and offer a loan modification that is equally in favor to both lender and the loaner.
Writing a hardship letter is just easy as you would ever want to know. Here are some examples of hardship Letter
A hardship letter sample for Job relocation
Your Loan or Account Number
I am writing a letter to you as to request for assistance with a loan modification plan.
I value my home and want to patch things to keep it.
I understand that (state the company) has endowed me to process my ownership of the house as possible. I still want to make it up.
This letter implied the hard times that I was affected with my finances when my boss relocated me at (state the country) a few months ago. This is the reason on why I fall behind on my mortgage obligation. Now I need to go back on what I have started and ask help for this matter.
I am able to make my monthly payments and ask for an adjustment of my payments. I am struggling to make a full payment for those delayed months.
I have attached here the letter of my job relocation, my monthly expenses. May I request a temporary reduction in my interest rate and payment until (insert month) or at least (insert percent and or payment). This could help me to ease the pressure.
I sincerely believe that this modification would allow me to update my mortgage so that I could go back in the usual terms.
I am hoping for a consideration to this request.
Thank you and more power!
Your name and signature
Another Hardship Letter Sample
Name: (Your Name)
Address: (Address of Property)
Lender Name: (Lender)
Account no. (Mortgage #)
To Whom It May Concern:
I am writing to state my hardships and asking for a modification of my delayed monthly dues. I know that I have neglected to be updated on which have caused me to fallen short. I really want to keep the house since it was a part of my life and I would really appreciate the opportunity to do that.
Changes were started when I got job relocation to (place/area) last (Date). It was a very hard situation for me. I’ve tried to calculate on my expenses but it can’t reach the rate. I have to pay for rentals and others bills which give fills up pressures for me.
I can pay the house if you could help me to this favor. Kindly check on my monthly income and expenses. As you observe, if you could allow my loan modification request, to reduce my monthly payments to the amount of (amount). I would be able to manage my money for my mortgage expenses and never delay a payment again.
I am hoping for a consideration. With your assistance, I can go on with my life and face my obligation.
(Name, signature and date)
(Address of Current Location)