Example Of A Loan Modification Hardship Letter

Have you been seeking to modify your current home loan with a mortgage loan modification? Are you asking yourself exactly what you need to tell your loan provider? Don’t you wonder whether you should call or write a letter? If that’s the case, are you intimidated about what things to write in your letter?

Ideally, your hardship should be explained via letter, however it must not be long and drawn out. Bear in mind, the banks are receiving a lot of these letters, and they do not have time to spend reading long, drawn-out sob stories. Your letter really should be a maximum of one page; it should be clearly written; it must be succinct and to the point. It should include your account number, name, address, and contact info. It needs to be addressed to your lender. Here’s a sample hardship letter:

To whom it may concern: I, (your name), ask you for a loan mod with a back payment and late fee waiver. Because of conditions outside of my control, I’m unable to remain current on my mortgage payments to (your mortgage company). I am seeking your assistance so I can resume payments on my home and prevent foreclosure.

Since (date the problems started) I have endured an increase in bills (describe cause for increase). Since (date problem began) I have experienced a decline in (describe reason for decline in income). In (date you started to be past due on payments) I used up all my resources and was not able to keep up my mortgage payment. I am seeking your assistance in saving my home from foreclosure.

(Explain how you think the adjustment will assist you in retaining your home. Describe how much time you feel your situation will last, and just how and why you think it will improve later on.)

I’m able to (state when or how much you are able to make in payments or just how much you’re capable of paying in back payments if necessary). (Talk about why you believe it is in yours and their best interest to band together on an agreement.

Sincerely, Your name

Also check out: example of hardship letter for loan

Related Article: loan modification hardship letter tips