What exactly is a hardship letter?
There are many people that are having difficult times in today's economy and are looking to apply for a loan modification a requirement will include writing a hardship letter. This is used to prove that you are only having difficulties because of uncontrollable circumstances and that you can really no longer afford the monthly payments. In the end if successful you will be able to completely pay the loan with lower rates that you can actually afford.
What should you include?
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You must include in the letter an explanation for your current situation and the reason for you high debt and also what steps you have taken to fix the problem.
Being honest is highly recommended while writing the hardship letter. Provide any and all reasons for your financial difficulty and be truthful. The lenders look into the reasons you give and if caught lying you will not be given another chance.
You will be asked to provide documentation to prove the hardships that you are experiencing. The proof can be medical bills, disability statements, sickness, unemployment etc, anything that has you in the current situation and that shows a mortgage refinancing or modification would be a good way to save.
Don't exaggerate in the letter or make it into a tearjerker. Stick to the basics and be truthful, there is a high chance that you will be asked to prove anything written in the letter.
Make sure to explain that once you are approved for the loan modification program you will be able to get stable again. Show that you are willing and that you want to repay your loan and get back on track.
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