Example Of A Loan Modification Hardship Letter
Have you been attempting to change your current mortgage loan with a loan modification
? Have you been thinking precisely what you need to say to your lender? Do you think about whether you should telephone or write a letter? If that's the case, are you unsure about what to write in your letter?
Certainly, your hardship must be explained via letter, however it should not be long and drawn out. Remember, the lenders are getting a pile of these letters, and they do not have time to spend reading lengthy, drawn-out sob stories. Your letter must be a maximum of one page; it must be clearly written; it should be succinct and to the point. It must contain your account number, name, address, and contact info. It should be addressed to your loan provider. Here's a sample hardship letter:
To whom it may concern: I, (your name), request a loan mod with a back payment and late fee waiver. Because of situations beyond my control, I am not able to keep current on my mortgage installments to (your mortgage company). I'm seeking your help so I may resume payments on my house and stop foreclosure.
Since (date the difficulties began) I have sustained an increase in expenses (describe cause for increase). Since (date difficulty started) I've experienced a reduction in (describe reason for decrease in income). In (date you became overdue on payments) I depleted all my resources and was unable to manage my loan payment. I'm asking for your help in saving my house from foreclosure.
(Clarify how you think the modification will help you in retaining your house. Explain how long you think your situation will last, and just how and why you believe it will improve in the future.)
I am capable of (express when or how much you can make in payments or how much you're capable of paying off in back payments if required). (Say why you believe it's in yours and their best interest to band together on an agreement.
Sincerely, Your full name
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example of hardship letter for loanby: Jason Portman
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