Reviewing a sample hardship letter. People use hardship letters for many different reasons but the most common reasons to use this type of hardship letter is requesting a short sale or loan modification to avoid foreclosure.
Hardship letter auto loan modification example your name your address your phone number date to whom it may concern.
Hardship letter samples for loan modification. Specifically i would like to lower the interest rateremove delinquency feesforgive delinquent payments. Sample loan modification hardship letter. A loan restructuring request letter is a formal way to request a modification to a loanthis letter is the place where the borrower can express his or her financial troubles in personal terms to have the best chance to stop a foreclosure or receive better terms on an outstanding loan.
The letter should be succinct and not more than one page. Index of hardship letter examples. The borrower should keep a copy of the letter as well as the receipt that proves the lender received it.
My intention is to stay in my home and my hope is that the loan modification will allow me to get my loan in order and back on the right path. Since it is a formal document and will become part of the borrowers and lenders permanent file it should be written in formal business style and sent by certified mail. Sample hardship letter for loan modification this sample hardship letter describes a typical hardship case of unemployment and unexpected medical bills.
I am writing to try to request a modification to my car loan since i am unable to meet my current payments. I am writing this letter in support for my loan modification plan for the mortgage loan etc on the home car etc located at address. Lenders may seem to be cooperating in the loan modification but be aware that an alarming amount of lenders continue with the foreclosure process as you work thru the loan mod process.
A handwritten hardship letter can seem more personal as it can seem less likely to have come from a third party or a template even if it did. In fact even if a foreclosure attorney is representing you you the homeowner are required to present a hardship letter in the loan modification process. The goal of your hardship letter is to convince your lender that youre worthy of a loan modification.
It should show that you meet all the lenders eligibility requirements and convince the lender that youre committed to a long term solution and able to follow through. Below is a sample loan modification hardship letter.
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