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Loan Modification Hardship Letter


If your mortgage payments are simply not affordable anymore, as for mortgage renegotiation

If you are in danger of losing your home to foreclosure, please know that there is an alternative available to you. Mortgage loan modification could help prevent a foreclosure. If you take advantage of this route, one of the first things you'll need in the home loan modification process is a well-written hardship letter. This is formally called a "loan modification hardship letter." This is a letter addressed to your lender explaining the reason for being unable to meet your monthly mortgage payments. In a hardship letter, you need to be exact, to-the-point, and honest. Spinning your situation is not advisable.

What is Included in a Loan Modification Hardship Letter?

A loan modification hardship letter tells your lender what financial adversity caused your situation and petitions for a solution to your financial hardship. People write hardship letters for a lot of different reasons, but the two most common are to ask for loan restructure or to request short sale in lieu of foreclosure.

If your hardship letter is to request loan modification, remember that lenders truly want to figure out and understand what caused you to default on your mortgage. The way you write your letter can literally be the difference between obtaining a modification and being denied. Writing with the tips below in mind will help you write an effective hardship letter that gets your point across and gives you the best odds for a successful modification.

  • Be Exact. While you're explaining your financial hardship, keep it short and sweet. Respect the time of the mitigation specialist's time and keep your letter to under two pages.
  • Sound Professional. State the facts, use concrete language, and support your statements with numbers. Put forth your idea for a good loan modification.
  • Take Responsibility. The main goal of a hardship letter is to tell the lender that you're a responsible applicant who will successfully make regular payments on a modified loan. In your letter, try to get across that you are a reliable homeowner and that all you need is another chance to prove it. Your number one commitment is to stay in your home.

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