Reduction of Repayment Plan Hardship Letter

Reduction of repayment plan hardship letters are becoming more common as more lenders are granting loan modifications and repayment plans for homeowners. This hardship letter, much like all the others, must explain valid reasons for your current financial hardships. Since you agreed to your repayment plan, were you in a costly caraccident? Did you lose a second part-time job? These are examples of reasons why you may be facing financial challenges, and why the lender might consider you eligible for a reduced repayment plan. A repayment plan is granted to homeowners who have already fallen behind on their payments. The lender has allowed the homeowner to stay in their home, or keep their property, despite this.