How to Write a Hardship Letter
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What should I write in a Hardship letter to get the Mortgage Company to give me another chance?
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A Hardship letter is something most Mortgage Companies will require to consider you for a “Work Out”. This is your opportunity to appeal to them to give you another chance. This should not be used to complain to what they have done or not done to make your situation worse. This letter must be honest and represent the facts clearly. It must prove to them that the situation that caused you to fall behind was temporary and you are now in a position to make your payments on time. You must also have a legitimate excuse for falling behind… financial problems in itself would not be an adequate excuse. Loss of a job, death in the family or an illness would be an acceptable reason to fall behind on your Mortgage temporarily. Here is one example of a letter that the Mortgage Company is looking for. Please allow us to get you the foreclosure advice you are seeking. We can stop foreclosure on your home.
Name: (Your Name)
Address: (Your Address)
Mortgage Co: (Mort. Co.) Loan No: (your Loan Number)
I/We, (Your Name), are requesting that you review my financial situation to see if I/We qualify for any workout option.
I/We are having problems making my monthly payments because of financial difficulties created by (circle what applies):
Unemployment
Reduced Income
Divorce
Separation
Medical Bills
Too Much Debt
Death of my Spouse
Death of a family member
Payment Increase
Business Failure
Job Relocation
Illness
Damage to Property
Military Service
Incarceration
Other (Please Specify)
This difficulty or situation happened on or about this date ??????.
I/We believe that my/our situation is (circle one) Temporary / Permanent
This is a brief account of the situation is as follows: (explain your situation… tell them you feel you can now afford your payments)
I/We, (your name), state the information provided above to be true and correct to the best of my/our knowledge.
Borrower’s Signature
Date
Co-Borrower’s Signature
Date
This letter is published as a courtesy of American Foreclosure Specialists. Our passion is to save your home from Foreclosure.
Remember... the hardship letter is just one piece of the workout puzzle. You need to meet other criteria for the mortgage company to approve you for a workout. If you don't know where to start, visit our foreclosure help page. There you will find sound advice on what to do if you are in foreclosure.
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