Hardship Letter Example For a Mortgage Loan Modification


In order to qualify for a loan qualification, you will need to prove that you are currently experiencing financial hardship. It is up to you to convince your bank that due to circumstances beyond your control, you need them to help you by lower your monthly mortgage payments. Your hardship letter must include an explanation of what occurred for you to be unable to make your currently payments, and why you need your mortgage altered.

Here is a hardship letter example for you to tailor to your situation.

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Date

Lender name & address

Your name, address and loan #

I am writing this letter to provide you with an explanation of why I am currently faced with financial difficulty at this time and I would like to request a loan modification in order to afford living in my home. My family does not want to lose our home and we would like to ensure we keep our home.

The reason we first defaulted on our payments was due to my husband's job layoff from where he spent the past 5 years working. He was unemployed for 4 months, during which time all of our available funds were used to pay our bills and groceries. Even after cutting back on all of our expenses, it has been hard to keep up. We have depleted all of our funds, and use our credit cards for paying bills and monthly living expenses.

My husband has now started a new job with lesser pay than what he previously made, but we have been able to effectively adjust our budget, and with a modified loan payment we will be able to continue to pay all of our monthly bills once again. We would like to have our loan altered by having a lower interest rate so we can continue to live in our home. With our home value well below our ability to refinance or sell, our only option is a loan workout.

We would like to considered for the Home Affordable plan or any other program for which we qualify. We are hardworking and responsible homeowners who do not want to be foreclosed on our home. Please review our application and allow us to receive a rate reduction to 2% for 40 years. Thank you kindly for your consideration and we look forwarding to hearing from you regarding our status.

Sincerely,

Your name

Obviously, you will need to tailor your letter according to your particular situation. It is crucial to get right to the point, yet be as descriptive as possible, providing your lender with just enough information to gain their empathy. Additionally, you will need to outline your plan for how to maintain paying your modified payments by providing a detailed budget complete with income and all your expenses. This will serve as written proof to your bank that you can afford the new payment plan while still having enough money for unforeseeable expenses every month.

When you are able to write an effective loan modification hardship letter and correctly complete your financial statement, you increase your chances of being approved and receiving the help you need to keep your home. Only contact your lender when you have all the necessary information, to avoid slowing the process and hinder your success for being approved before you lose your home.


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