Almost every bank will require a hardship letter when negotiating a loan modification. A hardship letter is your chance to explain to your mortgage lender, why you can’t afford to pay your mortgage anymore. A financial hardship letter gives you the chance to explain every reason (hardships) that caused you to be late on your mortgage payment. They are usually included in your hardship application at the time you submit your loan modification package to your lender and is the most important loan modification form. If you want to learn how to write a hardship letter, it’s usually a good idea to refer to a sample hardship letter before you begin to write your own. Looking at an example of a letter first will help you better understand the type of information you need to include in your hardship letter.

Here Are Some Tips For Writing A Good Hardship Letter:

"Remember This Is Your Letter To Stop Foreclosure"

Tip #1 - Keep your hardship letter brief and to the point. This is not the time to be vague or over complicated.

Tip #2– Write your letter with emotion. Your goal is to make the lender cry when they read your letter. Single parents applying for a hardship can really milk this :)...Make your hardship letter stand out from the hundreds of others that particular loss mitigation specialist read that day. Try your best to strike an emotional chord with your audience. (Unfortunately for you, your audience is the mortgage lender you owe money to, so you really need to make an effort!)

Tip #3– Express to your lender that you have some desire to stay in your home and will fully cooperate with a loan modification. Explain to them that you would like to either; prevent foreclosure, avoid foreclosure, or stop foreclosure on your home as soon as possible.

Tip #4– Include your contact information in your hardship letter. Lost or misplaced loan modification forms are the leading cause of a delayed loan modification. You want to make sure that both your hardship letter and hardship form make it the correct place in your banks loss mitigation department, and stays there!

Tip #5– It’s important to Remember to thank your lender at the end your letter of hardship.  You would be surprised at just how far, this simple gesture can go far in speeding up your loan modification process.

Example Hardships You Can Include In Your Hardship Letter Are:

• Loss of Job
• Death of Spouse or C0-Borrower
• Incarceration
• Divorce
• Military Duty
• Illness
• Natural Disaster
• Reduced Income
• Fixed Income
• Single Parent Hardship

Download Our Free DIY Loan Mod Kit to get Free sample hardship letters. These examples of hardship letters can be used as a basic template for your letter. You will see all the important points that need to be included and what format you should write your hardship letter in. This do it yourself loan modification kit includes everything you will need to complete a loan modification for free.

Visit our Loan Modification Hardship Letters page for Free Sample Hardship Letters

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