How to Write a Hardship Lettter for a Loan Modification

Delinquency of payment is the main reason a home owner should apply for loan modification. In order to qualify for the modification you must prove what is termed “hardship”. Making out a ‘Hardship Letter’ “Key”. The hardship letter will explain your negative financial status, the ‘cause’ and how you plan to solve it. The term ‘hardship’ varies from serious health problems to the death of someone in your family whose income helped with paying the bills. Sometimes divorce can be a hardship if it separates income partners. Loss of your job can be included as a hardship factor, etc,..

Difficulty: Easy

Instructions

Things You'll Need:

• Loan information or Mortgage Statements
• Time

1. Lender name, lender address, lender' s fax number.

2. Borrower’s name, property address and loan number. This information is very important.

3. Address it to a Loss Mitigation officer to the attention of whom it may concern.

4. The letter should be in 3 parts
   a. Introduction: Tell them who you are what the purpose of this letter is.
   b. The purpose; what your hardship is, what caused it and made you get behind in your mortgage payments,… for example, divorce, death, sickness,…

5. Conclusion: What you would like them to help you achieve.

6. Ending letter,
   
   Sincerely, Home Owner Name and Contact Information

Resources

• Loan Modificaiton do It by your self
• Loan Modification Guide
• Loan Modification Expert

[marysusanallen]

on 5/7/2009 Nice tips on making a hardship letter for loan modification. Keep writing! I like reading your articles. Also, for homeowners who are facing foreclosures, you can get help at http://houseloanhelp.com/help/loan-modification-help.php.

[didi8u]

on 4/6/2009 Great information, thanks for sharing. 5* and recommend.

[westernmom]

on 4/5/2009 Good and timely information for many! Thanks! 5*

[tachic]

on 3/19/2009 Great topic. Good advice

[Foxility]

on 3/16/2009 Very well put.