Loan Modification Hardship Letter | How to write a Hardship Letter | Writing a Loan Modification Hardship Letter | Loan Modification Hardship Letter Samples

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Writing a Loan Modification Hardship letter :

A Loan Modification hardship letter is a letter which explains to a lender why a person is in fiscal trouble and to request a specific remedy to help him through the financial crisis. There could be any reason to write a hardship letter, however the most ordinary these days are :

	Appling for loan modification or restructuring your mortgage.
	Requesting a short sale to keep away from foreclosure.

If you are looking for loan modification or short sale then financial hardship letter is a primary requirement to apply for that. Loan modification attorney will request you to submit the hardship letter along with the other financial documents, in order to evaluate your circumstances and present a strong case in front of your lender.

While writing a hardship letter for a loan modification or short sale, one has to take into consideration that the lenders actually wants to know the reason that had made you fall behind on your mortgage payments or what is the reason for your hardship. A loan modification hardship letter should be clear, concise, honest, and should contain just the right quantity of detail. Will the lender modify your loan or no clearly depends on the way the hardship is presented to them. And we at www.myloanmodificationexpert.com have our expertise in helping you prepare the right hardship letter that will convince your lender or bank to do a loan modification.

How to write a hardship letter ?

The way you write your hardship letter literally makes the difference between you keeping the home or losing it. Hence it’s very important to know how to write a convincing hardship letter.


	Keep it concise :
	A lender typically spends only 5 minutes reading your hardship letter, so it’s very important to make it look convincing and realistic. Try to keep it single page, anything longer than that might not be a good idea as its time consuming. Lose all unnecessary details and keep only those which are relevant in your case.

	Keep it straight to the point :
	Start by giving the purpose of your hardship letter – a loan modification or a short sale so the lender or bank knows what that letter is about. It should say “I need you to lower my interest rate/buy my home/lower my mortgage payments, etc” so that they know what are you looking for. You can explain them your hardship in succeeding paragraphs to be in detail.

	Explain them the reason for your hardship :
	Not every type of hardship qualifies for a loan modification; you have to first find out if your reason for hardship qualifies. Want to know if you qualify? apply now

	A hardship letter has to be hand written :
	It is advisable to write the hardship letter instead of getting that in a printout because the lender will feel that someone else has written that for you and that is not good as they will not get the actual feel of your hardship.

Below are some of the reasons of hardship that a lender considers valid :

	Loss or reduction of income(loss of job, reduction in hours/overtime, etc)
	Natural disasters.
	Family crisis(death in family, divorce, etc)
	Severe illness, medical problems, etc

Once you’ve established your hardship, provide details that will help strengthen your case. Make sure to tell them how you got into the situation and why it’s out of your control.

Restate your request. End your letter by reiterating your purpose, in slightly different words. Ideally, your previous paragraphs should explain that it’s the only way to stop foreclosure. Make it clear that you intend to get back to your regular payments once the loan has been modified. Be humble. One thing you should never do is imply that your situation is your lender’s fault. Instead of pinning the blame on anyone, simply tell things as they are and leave the judgment to your reader. Finally, thank them in advance and mention that you’re looking forward to continuing business with them.

Our experienced Loss Mitigation executives will be able to help your write a perfect hardship letter for getting a loan modification.