HOW TO WRITE A HARDSHIP LETTER
A financial hardship letter to mortgage companies or banks is a letter you send to your financial institution explaining why you are no longer able to make the payments on your house and indicate exactly what happened to cause your payments to fall behind.
These letters are being widely used by investors and homeowners today in order to help them avoid house foreclosure, participate in a Workout Solution or convince the bank to accept a real state short sale of a property.
Tips on how to write a hardship letter
In your letter you should:
Some GOOD EXAMPLES of hardship to include in your letter are:
Lenders tend to modify your loan when you have convinced them that your proposed loan modification will allow you to became current and make future payments.
Writing a letter just to make them feel sorry for you won't help much. The letter should focus on how you plan to solve the situation, not on the circumstances that made you miss payments or the causes of your financial distress. Keep your letter short, personal (reflect your own situation), and to the point.
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.
Here's a Hardship Letter to Mortgage Company that can be used as a guide. Don’t forget to insert your OWN details inside the PARENTHESIS or where appropriate and DELETE any information that is not relevant to your case. Also, always DATE your letter and keep a COPY of the letter you send for your records.
Other SAMPLE LETTERS: