How To Write A Hardship Letter
Look no further if you are one of those people who have been looking for the template on how to write a hardship letter. You will find here below a basic template which can be customized to fit your requirements. A hardship letter can be used to apply successfully for a modification of a loan and hold the process of foreclosure.
Upon the realization that you are behind in remitting the monthly mortgage payments and fear the upcoming foreclosure you are expected to visit or call the financial institution where you took your mortgage through. You can stop the foreclosure of your home through the hardship letter and this is the one that the bank will require you to write. The same letter is able to enable a short sale to your home.A hardship letter is a personal plea to your bank or financial institution informing them of your inability to pay your monthly agreed payments and explain what has caused this inability. Doing this sounds easy. In a hardship letter there is a lot more than just pleading with them to hold the foreclosures. A hardship letter is also important when requesting the bank for a loan modification. It is your chance to plead with the bank to discontinue the process of foreclosure on your home and instead approve your modification loan.
To Below is the format for sample hardship letter.
Write your names exactly as they appear on the papers.
Indicate the location where the mortgage.
Include the name of the financial institution.
Your loan number: Enter your mortgage number as it appears on the papers.
Write the subject matter here being the firm or person who is your mitigator.
The purpose of this letter is to let you know what happened that we are unable to pay our mortgage payments. Despite any efforts that are with us to pay the mortgage we are still far behind. As a result we would request you to help us by approving a loan modification for our mortgage. We will really appreciate if there is anything that you can do within your means to help us.
The main reason why we have been late in paying the mortgage payments is, (enter your reason here, be clear and precise ).
We hope you will approve the modification loan for our benefit. We know we will be able to continue paying our mortgage but we request you to work with us so that we can reduce the monthly payments and we are allowed to stay in our home until then.
We remain waiting for your help and also how to move on with the matter.
End the letter with your signature, your full names and the date.