The loan modification hardship letter is an important constituent of the application which you provide to the bank for home loan modification, this letter is what convinces them to approve or disapprove the application. There are a number of aspects about the hardship letter which should be definitely included in the same.
For instance, the loan modification hardship letter should always have a mention of the following incidents if they have occurred in the recent past. Some of them include unemployment, death of a family member, incarceration, divorce, interest rate increase, medical bills and the like.
These are what convince the lender to reduce the interest rate, increase the payment period and defer a portion of the principal to suit your ease. But you should not include these incidents if they have not happened because the lenders always verify before approving any application. They can easily know whether the homeowner is lying or telling the truth.
Also, if you are able to convey in the letter that you were able to have a comfortable life before the occurrence of these incidents and you were always regular in making the mortgage payments, then there are more chances of your application getting the green light. While drafting the loan modification hardship letter, you need to remember that the lender is not your friend and he does not have any interest in your personal life apart from getting to know the way in which he is getting his money back.
So keep the emotional tinge in the letter to a minimum and do not ramble about any topic. Be clear and specific about what you want to convey and avoid going off into length discussions on any topic. Give a vague outline of everything which is related to the home loan mortgage and make sure that you create a favorable effect on the lender!
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