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.
Sample Mortgage Hardship Letter
2300 Walnut Street
Philadelphia, PA, 19050
ABC Lending Institution
5457 Hayward Lane
Philadelphia, PA, 19051
RE: Mortgage Hardship
Dear Ms. Wilson:
This letter is a formal request for modification of my mortgage. I have fallen behind in payments for the last three months because my wife, Tammy Chicago, lost her job, which reduced our total income by half. I made the last payment on DATE.
I sincerely want to keep my home and make regular payments, but, at this time, require some modification in the terms of the loan.
I request that the monthly payments be reduced and the delinquent payments be forgiven or recapitalized, so I can catch up and prevent delinquency in the future.
I would appreciate it if we could work together to find a way to normalize my mortgage payments.
I fully intend to pay my debt, but need some help until my wife finds another job and our financial situation stabilizes again. She currently has two possible job offers, and will know the results next month.
I apologize for getting behind in my payments, but, as you can see, it was out of my control.
I can be reached at 555-333-0009 or at firstname.lastname@example.org if you have any further questions. I hope we can meet soon to agree on the terms of a loan modification.