The hardship letter is a vital component of the loan modification package to be submitted. Too many borrowers fail to understand this fact and submit modification requests with no additional thought or time given to the preparation of the letter. In some instances, the letter itself is missing from the package! The result is a rejection of the incomplete package and another request for the hardship letter to be completed. Time is lost in the process and more anxiety is added as a result of the initial oversight by the borrower.
Letters must be written as concisely and accurately as possible. They need not be lengthy or formal. In fact, a simple one or two paragraph letter that addresses the financial situation of the borrower will be acceptable. A brief, single page letter of explanation will always be welcomed over a narrative of events contained on several pages. Describe the financial problem that has occurred and any timeline for anticipated recovery. This is sufficient.
Here are a few samples of hardship statements:
"Six months ago, my industry experienced a tremendous downturn in business. As a result, the company I have been employed with for the past twelve years has had to lay off 40% of its staff. Unfortunately, my position was a part of the 40% that was eliminated from the company payroll. I have been seeking employment since the layoff with no success to date. I cannot say how much longer before I am once more employed."
"I was involved in a job related accident several months ago and have been out on partial disability since. I have been under the care of a licensed physician for the injuries I sustained. My physician feels it will be another 4 months before I can be released back to work."
"The company I have been employed by has closed down its office here in Los Angeles. I have not been able to secure employment for the past 8 months, and have been on unemployment benefits up until now. I do not see any changes in the job market taking place any time soon."
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