How to Write and What Information Must be Included in a Letter of Hardship when Applying for a Loan Modification

A loan modification request will come as a pack which will require you to provide paperwork and the one thing that you will need to include is your letter of hardship, because this is the key component of the entire pack and it also explains why you wish to make such a request. Now in order for you to write this letter you must learn to include the essential information within it whilst making sure the format and the request is complete.

Starting the letter

Before you do, make sure that you speak to someone in the lender’s loss mitigation department, as this is the place where your request will be processed. Make sure you get all the correct information about the person who you will be addressing the letter to, e.g. address, the correct spelling of their name and direct phone numbers. Once you have all of this information you are ready to start compiling the letter.

The body of the letter

First paragraph, state your request for the loan modification. Then go on to explain your hardship and the financial problems you are having which is why you are making the request, reasons you can include are, loss of job, income decrease, payments that have increased and how they are now at an unaffordable level even though they are adjustable and if the primary owner of the home has died.

One other thing you must make sure you state in the letter is that you want to keep your home.

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First Name:
Last Name:
Email:
Phone:
Property Address:
City:
State:
Zip:
Property Value:
Lender Name:
Loan Balance:
What is your Foreclosure/Mortgage Status:
How many months are you behind on your mortgage payments: