Writing an Effective Hardship Letter - Mortgage Relief Project.
This letter is to support our application for a loan modification plan that will help us to get our mortgage payments back on track with an affordable mortgage. We have lived in our home for over 20 years and we want to work hard and keep it. (Explain any special hardship circumstances. Tell your story briefly but including important.
Sample Hardship Letter. Date. Name. Address. Lender Name. Loan Number. To Whom it may Concern, I am writing to explain the unfortunate set of circumstances that. has caused me to become. delinquent on my. mortgage payments. My. goal is to keep. my. home and. I. truly hope you would consider working with. me. My. hardship began in. 2010.
If after sending the letter you have not been contacted, you should call the person responsible for your loan about 5 to 10 days later. Chances are that if you write an acceptable hardship letter, you will most likely be considered for the mortgage loan modification, short sale, or loan workout plan that you need.
A loan modification is a change that the lender makes to the original terms of your mortgage, typically due to financial hardship. The goal is to reduce your monthly payment to an amount that you can afford, which you can achieve in a variety of ways.
The hardship letter is exactly what it sounds like. It’s a letter, written by the homeowner who is facing foreclosure, explaining their hardship as to why they fell behind on their mortgage payment. There are some key components to writing a hardship letter that every homeowner should follow. Hopefully this article will help you quickly and.
A hardship letter is not the basis for modification approval — that depends on the borrower’s financials and the intricacies of the various government and in-house lender programs. Rather, the purpose of the hardship letter is to explain upfront, in simple language, why borrowers missed payments, and what they propose as a solution.
State the purpose of your letter in the first paragraph. Explain your financial hardship and the situation that has left you unable to pay your full mortgage. Be specific regarding the details of your financial hardship. Request that your lender consider a loan modification or a short sale.