A hardship letter is addressed to the lender or the mortgage company by the borrower once he / she has missed some of the payments. This letter serves as the basis or your communication & future negotiations with the lender or the mortgage company. The borrower aims to explain his / her current position with this letter. It is a must that this letter is presented in the best & most effective way possible in order to strike up the best deal with the lender.
Tips To Write Financial Hardship Letter
Here are some tips that would help you write an effective financial hardship letter.
· The letter must be written in a formal manner.
· The letter should be mailed by some certified mail service. Also check that you have the receipt of receiving of this letter.
· The hardship letter has to be very neat and concise. In case your hand writing is bad, prefer to get the letter typed.
· The letter must comprise of the borrower's loan number along with the preferred option like short sale or loan modification, the borrower's name, borrower's address, borrower's phone numbers and the borrower's email address.
· Financially it comprises of the borrower's current monthly income, monthly expenditure and the reason of the financial crisis.
· This letter must be written quite in time in order to avoid a foreclosure.
Financial Hardship Sample Letter
A sample letter for financial hardship letter is as follows:
Debra Jones
ABC Street, XYZ Town
State - 12345
Contact No.: 921112345
John Williams
JKL Street, XYZ Town
State - 12345
Loan Number: ........... : Forbearance
Today's Date
Dear Mr. Williams,
This is to apologize for the lapse in my monthly payments. Actually, I met with an accident 2 months before and was hospitalized all this time. I have undergone several operations in this time and am on bed rest now. I can join back to the job after another 2 months or so.
All these 4 months I have not got my salary. That is why I could not cover up for the monthly payments. I guess, the situation shall get normal once I join back the work. I request you settle down for the forbearance for a few months. I can not afford to lose this house.
Rest, I shall wait for your response.
Regards,
Debra Jones
Contact No.: 921112345,
Email- debrajones@abcmail.com
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