A hardship letter is a letter that explains to your lender why you are unable to make your mortgage payments and asks for their understanding and assistance in finding a solution to your financial hardship.
If you are facing financial difficulties due to unemployment, writing a hardship letter can be an important step in the process of trying to avoid foreclosure or negotiate a loan modification.
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Here is a sample hardship letter that you can use as a guide when writing your own letter:
Sample Hardship Letter Due to Unemployment
I am writing to request your assistance in finding a solution to my current financial hardship. I am having difficulty making my mortgage payments due to unemployment.
I was recently laid off from my job and have been unable to find employment since. While I have been actively searching for work, the process has been difficult and I have not yet been able to secure a new position.
I understand that my inability to pay my mortgage has consequences, including the potential for foreclosure. I am committed to finding a way to resolve this issue and prevent foreclosure on my home.
I am requesting a [request for specific action, such as a loan modification or temporary forbearance]. I am willing to work with you to find a mutually beneficial solution that allows me to keep my home and resolve my financial hardship.
I have attached supporting documentation, including [list of documents]. I hope that this information will help you understand my situation and the steps I have taken to try to resolve it.
I am grateful for your consideration and hope to hear from you soon with a positive response.
NOTE: Remember to be honest and straightforward in your letter, and to provide any relevant supporting documentation. It is also important to communicate openly and honestly with your lender and to follow through on any agreements or commitments you make in your letter.