Loan Mod Hardship Letters

Part of any loan modification process is the writing of a hardship letter – in my mind, one of the most important and most artful steps in the loan mod process. The idea should be clear and concise: written correspondence to the lender and consumer reporting company, providing information on your financial situation. It should also be complete. A hardship letter is a written explanation as to what “event” has caused you to fall behind on your mortgage and it’s vital in attaining a loan modification. The hardship letter serves a biography of your current issues that are affecting your ability to meet your financial obligations, and underlines your need for a loan mod. But write a hardship letter, not a book; usually one or two pages are plenty to get your point across to an overworked, $12-an-hour loan modification employee. I’ve provided a number of links to help you through the loan modification process and writing hardship letters:

Hardships that lenders consider during the loan mod process