Many people are intimidated by the process of writing a hardship letter. It is after all, a one or two page summary of why you deserve a home loan modification; it can be tough to know where to start, or end. Once you have missed out any of the mortgage payments the first communication you have with the bank is the hardship letter. This serves as the foundation of your future dealings and negotiations with the bank or the mortgage company.

Some key tips to help writing a good hardship letter:

· Write it in a neat and clean way. In case your hand writing is not good, get it typed or have someone else print as you dictate.

· It must contain all contact details like names, contact numbers, email addresses, phone numbers.

· Be sure to send the letter before the lender signs the ‘Notice of Default.’

· It must include your loan number. As simple as this sounds, they simply won’t read it if it doesn’t.

· Your letter should concisely outline the details of your income, the expenses, the reason for a lapse in the payments, and other circumstances that directly affect your ability to make payments.

· When submitting the letter, it should contain all the proofs of financial details outlined. These might include your credit card bills, the bank statements, tax returns, unemployment stubs, etc.

· Send the letter through a registered mail service with a delivery confirmation number and save the receipt.

· Call the bank’s loan modification department once you are sure that the mail must have reached there or you have got the receipt of receiving.

Sample format of the hardship letter:

Lending bank’s name
Address
Area with city code

Borrower’s name
Address
Contact No.
Fax No.
Email

Co- Borrower’s name
Address
Contact No.
Fax No.
Email

Loan No. ………. loan modification

Sir,

I hereby apologize for not making the payments. I could not do so as …………. (the reason)

My current income details:

My monthly expenses details:

The debt income ratio:

I shall look forward to a prompt reply as I am desperate to save my home and get a loan modification .

Regards

Borrower’s name
Signature
Contact No.
Fax No.
Email

Loss Mitigation Help

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