Your lender will almost certainly ask you to create a hardship letter if you want to obtain a loan modification. The letter’s objective is to explain why you may be unable to make your mortgage payments. Make your letter using this sample mortgage hardship letter as a guide.
Template 1: Mortgage Loan Hardship Letter
[Your Name]
[Your Address]
[City, State ZIP Code]
[Your Phone Number]
[Your Email Address]
[Date]
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[Loan Servicer’s Name]
[Loan Servicer’s Address]
[City, State ZIP Code]
Dear [Loan Servicer’s Name],
I am writing to request assistance with my mortgage loan payments due to financial hardship. Unfortunately, due to [explain your situation in detail – job loss, medical issues, or other financial difficulties], I am no longer able to make my monthly mortgage payments on time.
Despite my current situation, I am committed to finding a solution to my financial difficulties. I am willing to cooperate with you and provide any necessary documentation to help evaluate my situation.
[Provide a detailed breakdown of your monthly income and expenses. Include your salary, bonuses, other sources of income, as well as expenses such as mortgage payments, utilities, food, and other bills.]
I am requesting a loan modification to help me stay current on my mortgage payments. Specifically, I would like to [provide specific details about the type of loan modification you are seeking, such as a reduction in interest rates, a change in loan terms, or a forbearance agreement]. I believe that a loan modification is the best solution to help me get back on track with my mortgage payments.
I have enclosed supporting documentation, including my most recent pay stubs, tax returns, and bank statements, to help evaluate my situation.
Thank you for your consideration, and I look forward to hearing from you soon.
Sincerely,
[Your Signature]
[Your Name]
Template 2: Mortgage Loan Hardship Letter
[Your Name]
[Your Address]
[City, State ZIP Code]
[Your Phone Number]
[Your Email Address]
[Date]
[Loan Servicer’s Name]
[Loan Servicer’s Address]
[City, State ZIP Code]
Dear [Loan Servicer’s Name],
I am writing to request assistance with my mortgage loan payments. Unfortunately, due to financial hardship, I am unable to make my monthly mortgage payments on time.
[Explain your situation in detail. Provide specific details about what caused your financial hardship, such as job loss, illness, divorce, or a death in the family. Be as specific as possible, including dates and any other relevant details.]
Despite my current situation, I am committed to finding a solution to my financial difficulties. I am willing to cooperate with you and provide any necessary documentation to help evaluate my situation.
[Provide a detailed breakdown of your monthly income and expenses. Include your salary, bonuses, other sources of income, as well as expenses such as mortgage payments, utilities, food, and other bills.]
I am requesting a temporary suspension of my mortgage payments, also known as a forbearance agreement. Specifically, I would like to [provide specific details about the forbearance agreement you are seeking, such as a temporary suspension of payments or reduced payments.] I believe that a forbearance agreement is the best solution to help me get back on track with my mortgage payments.
I have enclosed supporting documentation, including my most recent pay stubs, tax returns, and bank statements, to help evaluate my situation.
Thank you for your consideration, and I look forward to hearing from you soon.
Sincerely,
[Your Signature]
[Your Name]