A Hardship letter is an opportunity for you to appeal to your Mortgage Company to give you a chance in keeping your home or depending on your collateral right after you’ve been delinquent in your payments. In your letter, you should not complain to what they have done or do not in order to worsen your situation.
The letter must be honest and have clear facts to prove to them the situation that caused you to fall was temporary and that you can nowrvice afford to make your payments on time after you recover from legitimate reasons such as loss of a job, death in the family or an illness or other reasons such as military assignments outside the state or the country.
In writing a hardship letter, keep in mind that you need to keep it short and direct to the point, since there are a lot of things the lender has to do. State the problem clearly, be nice, do not write more than one page, make the letter personal as possible, and give all the necessary information. Thank your lender for their time and do not forget that you and your co-borrower needs to sign the letter. Attach necessary documentations and any other information to back up your request.
Below is a Hardship Letter Sample for Military Service. Information includes the following:
Name: (Your Name)
Mortgage Company:____________________ Loan No: _______________
To Whom It May Concern:
I/ We, (Your Name), are requesting that you review my financial situation to check if I/ We qualify for any option wherein we can still keep our home since I/ We are currently facing financial setback due to my recent appointment in military service.
I/ We are having problems making monthly payments because of difficulties due to my assignment in military service wherein I am sent overseas for a very important mission. The situation happened on or about this date: ________________.
I/ We believe that my/ our situation is Temporary/ Permanent. A brief account of the situation is as follows: (explain your situation.. tell them that you are in military service and was assigned to a place outside your state/ country. With this job, I can now afford to continue my payments in order to lower the outstanding balance thus I’d like to change the mortgage scenario that will work for both of us and I hope that you will be open for negotiations.
Thank you for spending time in reading this letter. I/ We are attaching the needed documentation for further verification. Anticipating that this would merit your most favorable and kind approval.
I/ We,(Your Name) state the above information to be true and correct to the best of my/ our knowledge.