Financial and mortgage hardship letters, list of points to include

 Are you preparing or getting ready to write a hardship letter to stop foreclosure or to just negotiate reduced mortgage payments. Below are some of the points which you may want to cover so that you can improve your chances of getting a positive result. (Please note that the information in this article is provided for your information only and should not be treated as professional advice. Please consult a licensed professional for that).

Letter samples are available at Credit Letters. Learn to write effective letters here.

1. State what type of work-out plan you are proposing and state why you think this is the best option for you.

2. Give a brief explanation of any special hardship circumstances such as disability, death in the family, illness, natural disaster, etc. Focus on the important points about the hardships you face.

3. Explain what caused you to fall behind with your mortgage or loan payments. You need to show that you have had an involuntary reduction in income or an unavoidable increase in expenses. These include things like:

- Loss of income - Lay-off
- Bad self-employment year
- Reduction of wages or hours
- Increase in property taxes
- Death of a borrower
- Short-term or permanent disability
- Serious illness of a family member
- Unexpected urgent property repairs
- Increase in interest rates
- Unavoidable increase in expenses:
- Uninsured major medical expenses
- Lesser paying job/employment after a lay-off
- Natural disaster
- Divorce
- Unavoidable child care expenses

4. Provide details of your plan for getting payments back on track and convince or explain to the lender why or how you think the plan will work.

5. Provide details of any amount of money that you have set aside for this - if any.

6. Attach evidence of your income and expenditure or budget to support your plan. Be specific about what type of payment schedule you think you can keep or stick to.

7. Provide your contact information or if you are working with an advocate provide their name and contact information.

Financial and mortgage hardship letters, list of points to include
Financial and mortgage hardship letters, list of points to include

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3 comments

Hardship Template 7 years ago

The hardship and the hardship letter are not only important aspects of a Homeowners efforts to obtain a mortgage modification or some type of mortgage assistance, it is absolutely necessary. Homeowners will not be able to obtain any sort of foreclosure help such as a loan modification with out a financial hardship and a hardship letter documenting the exact nature of the homeowners hardship. This is why it is absolutely imperative all Homeowners who need to lower there monthly mortgage payment draft a hardship letter and submit it to their lender.

This is a great page and resource for homeowners who need to write a hardship letter. It is great to see the effort that was put in to this hardship letter guide.

keep up the great work.


Okan 3 years ago

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Rajesh 3 years ago

yes it can be typed, but you need a lawyer if you want any chacne of it being approved. Hardship cant be financial.References : Was this answer helpful?

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