Example Of A Loan Modification Hardship Letter
Have you been attempting to adjust your existing mortgage loan with a mortgage loan modification? Are you wondering precisely what you should tell your bank? Don’t you wonder whether you should telephone or write a letter? If that’s the case, are you intimidated about what to write in your letter?
Certainly, your hardship must be explained via letter, but it should not be lengthy and drawn out. Bear in mind, the lenders are receiving a pile of these letters, and they don’t have time to spend reading long, drawn-out sob stories. Your letter really should be at most one page; it needs to be clearly written; it needs to be succinct and to the point. It should contain your account number, name, address, and contact info. It must be addressed to your loan provider. Here’s a sample hardship letter:
To whom it may concern: I, (your name), ask you for a mortgage loan modification with a back payment and late fee waiver. Because of situations outside of my control, I’m unable to keep current on my mortgage obligations to (your mortgage company). I am seeking your assistance so that I can resume payments on my home and avoid foreclosure.
Since (date the difficulties began) I have endured an increase in bills (describe cause for increase). Since (date problem began) I have experienced a decline in (explain cause for drop in income). In (date you started to be overdue on payments) I used up all my options and was not able to manage my loan payment. I’m requesting your assistance in saving my home from foreclosure.
(Clarify how you feel the modification will assist you in keeping your home. Describe how much time you think your circumstance will last, and how and why you believe it will improve in the future.)
I am able to (state when or how much you can make in payments or how much you are capable of paying in back payments if required). (Express why you believe it is in yours and their best interest to band together on an agreement.
Regards, Your name
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