Hardship letters are some of the best forms of communications with your lender. These letters detail the exact nature of the financial trouble you are experiencing and help the bank to make a decision on how best to assist you. Below is a good example of a solid hardship letter.

To Whom It May Concern,

The purpose of this correspondence is to explain, in detail, the reason we have fallen behind on our mortgage payments. I would like to begin by saying we are committed to doing everything possible to save our home. There have been a number of extenuating circumstances, many of which are financial in nature, that have caused us to become unable to make ends meet. Moreover, while paying our mortgage has been, and remains, our first priority, we have fallen short on our ability to do so. The goal of this letter is to ask you about the possibility of securing a loan modification. We would appreciate any assistance you can provide.

The main reason we have fallen behind is INSERT REASON IN THIS SPACE (REMEMBER KEEP IT SHORT AND SIMPLE). Between the loss of income and falling behind on our payments, it became increasingly difficult to catch up. Now, we have reached the point where it will be impossible to pay what we owe. However, we want to fulfill our financial obligation as far this loan is concerned. While our income and resources are somewhat limited, we are asking you for help.

We feel that a loan modification is the best option for us. A loan modification can lower the amount that has become delinquent as well as our monthly payment. This will give us the opportunity to stay in our home and continue to satisfy the terms of our loan obligation.

We hope that you will allow us to correct this unfortunate situation and get back on track with timely payments to your company.

Thank you and we look forward to your response. Have a wonderful day.


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