Writing a Loan Modification Hardship Letter


When you're looking to obtain a mortgage adjustment from your lender, you'll need to be ready with the appropriate documentation. One thing that you will need is a loan modification hardship letter.

This letter is a note of explanation to your lender about the financial hardship that makes loan modification necessary. Acceptable hardships include, but are not limited to:

o sudden unemployment or layoff
o forced wage reduction
o serious illness or medical emergency
o divorce
o medical bills
o failed business

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Your letter should stay between 1 and 2 pages. Avoid going over this length. Any longer and your letter will lose focus and won't serve your purposes as well. You want to succinctly present the facts about your financial situation and explain what makes you unable to pay on your current mortgage.

Templates and sample hardship letter formats are found on the Internet, and you may find it helpful to at least look at these examples for some guidance. Avoid using the form letter word-for-word, however, because you want the letter to be sincere and in your own words.

Now to the body of your letter. What kinds of things should you loan modification hardship letter say? A good letter will include three vital components:

1) an explanation of your hardship.
2) how you plan to fix your financial situation.
3) an acceptable modification and what you will do with it.

With loan modification, it's important to take action quickly. As soon as you feel that you are in danger of becoming delinquent on your mortgage, contact your lender and find out what your options are. Communicate to your lender that you are taking control of your finances and just need a little help from them in the form of a loan modification.

It would behoove you to be aware of the eligibility criteria for a loan modification program before you start talking to your mortgage provider. Do some preliminary research by going to their website, sitting down with a calculator, and figure out how you fit into the loan modification programs offered. Being educated about the process and your financial situation will increase your chances for a modification, and will also help you to stay out of financial trouble in the future.

In your loan modification hardship letter, it's most important to just state the facts without exaggerating or begging for sympathy. When it's written correctly, a loan modification hardship letter is a valuable tool for keeping your home during periods of financial turmoil.


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