Writing a Hardship letter

by admin on June 26, 2011

If you are facing financial difficulties in paying the monthly installments to return the loan back to your lender and you wish to lower your house payment or short sale, it requires you to write a hardship letter. The hardship letter is equally important and you must write it very carefully so as to explain the degree of difficulties you are facing. The Hardship letter is the first correspondence, which should have an effect on the lender that you genuinely deserve a loan modification.

Writing a good and impressive letter is really a skill, which is very essential in describing your problems for taking some advantages in some hard matters.

You should keep in mind the following important points while writing a hardship letter for loan modification:

1.            Write a subject of the issue to let the lender know what you are going to discuss him in later lines.

2.            Hardship letter must be brief and it does not require going up pages on pages describing your problems, enabling the lender to read it completely and approach you for further details.

3.            Describe some personal background or give a scenario of your circumstances.

4.            Summarize the detailed matter with clearly defining the problems or hardships in continuing the loan payment on previous terms and conditions.

5.            Don’t forget to attach all the required documents such as bank statement, income tax statement, letter of references, and cash flow documents.

6.            The recipient of this letter may not understand all of your problems, neither is he going to indulge in the personal issues but you should keep your tone humble and thanking for his consideration.

7.            This letter must present the seriousness of your issue and on the whole it would be a genuine excuse of hardship for loan modification.

You should keep in mind that the lender is not interested in your letter; he is just interested in getting his money back. So it is better to have a contact   him initially on phone and describe him that why you are having troubles in comply with the original terms.

Best of Luck

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