Sample Hardship Letter Template - Easy to Use Guide and Example

Practice Problems - Sample Hardship Letter Template - Easy to Use Guide and Example

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The first step in the loan modification process is writing a hardship letter, or financial hardship letter, and contacting your lender. This description includes examples of financial hardship and a sample hardship letter template you can use to successfully start the loan modification process.

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Here is a sample of hardships that lenders think during the loan modification process:

o Adjustable Rate Mortgage Reset- cost Shock
o Loss of Job
o Death of Spouse or Co-Borrower
o Incarceration
o Divorce
o Military Duty
o Reduced Income
o Damage to property
o Job Relocation
o Death
o Marital Separation
o Medical Bills
o Failed Business
o Reduced Income

If you have experienced any of the above hardships you should now take the time to educate yourself on the loan modification process and take the first step which is writing the hardship letter. Below is a sample hardship letter template designed to help you successfully start the loan modification process. Make sure you customize the letter to fit your specific need.

Remember that this sample hardship letter is only the first step in the loan modification process, use a good potential loan modification kit to unblemished the remaining documents and learn about the foreclosure process.

Sample Hardship Letter Template:

Name:

Address:

Lender Name:

Loan #:

To Whom It May Concern:

I am writing to notify you of my unfortunate situation that has caused me to fall behind on my mortgage and become delinquent. I have tried for weeks all things in my power to make the cost we rightfully owe, any way due to circumstances out of my operate I have not been able to make the payment. My goal is to come to a mutually beneficial resolution that allows me to stay in my home and make affordable payments.

The unfortunate financial hardship, that was out of my control, that has now caused us to be late on our payments is (put your specific guess in here be concise and specific with 2-3 sentences)
It is my full intention to pay (Lenders Name) what I owe but at this time I can not make the required payments.

To alleviate the financial hardship we have taken these step:
- List costs you have cut
- Any increased income
- Resolution of financial hardship

My situation is getting great as is obvious in our financial statements we can contribute and I am determined with a miniature modification I will be able to stay current for the remainder of the mortgage. I would greatly appreciate if we could work together to find a rapid mutually agreeable resolution to the current delinquent mortgage.

Sincerely and Respectfully,

(your signature)

Date

What's Next?

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Sample Hardship Letter For Mortgage Modification

Practice Problems - Sample Hardship Letter For Mortgage Modification

Hi friends. Yesterday, I discovered Practice Problems - Sample Hardship Letter For Mortgage Modification. Which is very helpful for me therefore you. Sample Hardship Letter For Mortgage Modification

Date

What I said. It is not the conclusion that the real about Practice Problems. You look at this article for facts about anyone want to know is Practice Problems.

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Your Name
Your address:
Your Bank's Name
Loan number: 123456789

To Whom It May Concern:

This letter explains the difficult situation which caused me to fall behind on my mortgage payments. I would like to be carefully for a loan modification to decrease my payments, fix my interest rate at a lower rate, and recapitalize or forgive the delinquent payments in order to get me caught up and prevent hereafter delinquency. My main goal is to keep my home for the long term.

I work for (employer) as a (job title). (If more than one borrower, comprise this information for each co-signer/borrower.) I (we) hit hard times recently and fell behind on my (our) payments because (explain your guess here). Since that time, (give the guess hardship is over or improving). My (our) wage is now (stabilized, improving, et cetera).

Despite my (our) recent hardship, it is my (our) full intention to pay what I (we) owe. Now that things are (improving, stabilized, et cetera), I (we) would appreciate your notice to lower my (our) payments, help us get caught back up, and fix the interest rate so that I (we) can afford to stay in my (our) home for the long term.

I (We) for real hope you will work with me (us) on this. Please help me (us) come up with a explication fast to decide the current delinquencies and prevent problems down the road.

Sincerely,

(Your Signature)
(Your Name)

Additional Thoughts on Hardship Letters

Writing a good hardship letter is possibly the singular most important factor in whether a loan modification application gets beloved or not. State your case by answering the following questions:

What kind of modification would you (or the borrower, if you're a third party loan mod consultant) like?
Why did you (they) fall behind?
Why is your (their) situation is stabilized or great now?

Remember to keep the tone fairly positive, which can be difficult given the nature of the field you're writing about. Make it seem as though you are a solid borrower who plainly happened to hit a bump in the road, and that a modification will be just the thing to make all things right again.

Keep the letter succinct. Long, excuse-filled letters can end up getting skimmed or ignored by the bank's loss Mit department. Keep it to one page. If the letter extends into many pages, go back and edit all but the most important facts. Don't get too emotional in tone either. If you're a loan modification advisor (i.e. Mortgage broker, attorney, realtor, et cetera), keep the voice in first someone for the borrower (i.e. I, me, and we), and all the time have your client sign it personally. A handwritten hardship letter can seem more personal, as it can seem less likely to have come from a third party or a template (even if it did).

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