If you have decided that a loan modification meets your needs, you will need to submit a hardship letter to your lender. A hardship letter outlines your financial situation and why you need help. The letter should also explain what you are going to on order to fix your financial problems. The letter is not meant to be a historical outline of your finances, instead it should include important details, such as your income, debts, and other important information that pertains to your case.
Lenders are not interested and don't want to know everything to the last detail, but they are interested to know how you are going to pay them back. So try to keep the letter to 2 pages at most. Respect their time and they will be more willing to help you out.
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Don't complain about your situation, there are millions like you. Don't be overly dramatic that it turns the reviewer off. Instead, opt for a simple explanation that tells them your situation in a genuine voice.
The absolute best and most productive hardship letters are short and truthful. But short does not mean vague. In no way be vague. Tell your situation like it is, but also keep out any information that could make you look irresponsible. Don't include information about your legal problems. If it is pertinent to your case, don't go into details.
Here are some guidelines you should follow:
- Include important information such as medical receipts; death certificates; unemployment notices; etc.
- Write with emotion
- Tell your lender of what you want
- Include updated contact information
- Keep it short
- Don't include any information unrelated to your case
- Don't threaten your lender
- Be polite and thank them for their time
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