Example Of A Loan Modification Hardship Letter

Are you attempting to modify your existing mortgage loan with a mortgage loan modification? Have you been wondering specifically what you must tell your bank? Do you wonder whether you should telephone or write a letter? If so, are you unsure about what to write in your letter?

Well, your hardship needs to be explained via letter, however it must not be long and drawn out. Remember, the lenders are receiving a lot of these letters, and they don’t have enough time to spend reading long, drawn-out sob stories. Your letter should be at most one page; it needs to be clearly written; it should be succinct and to the point. It should contain your account number, name, street address, and contact information. It needs to be addressed to your loan provider. The following is a sample hardship letter:

To whom it may concern: I, (your name), request a loan mod with a back payment and late fee waiver. Due to conditions outside of my control, I am not able to keep current on my mortgage obligations to (your mortgage company). I’m seeking your help so I may continue payments on my house and avoid foreclosure.

Since (date the difficulties started) I’ve sustained an increase in expenses (describe cause for increase). Since (date problem began) I have experienced a reduction in (describe cause for drop in income). In (date you became past due on payments) I used up all my options and was unable to keep up my loan payment. I am requesting your assistance in saving my house from foreclosure.

(Explain how you feel the modification will help you in retaining your home. Describe how long you think your circumstance will last, and just how and why you think it will improve later on.)

I am capable of (express when or how much you can make in payments or how much you’re capable of paying in back payments if required). (Talk about why you think it’s in yours and their best interest to band together on an agreement.

Regards, Your full name

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