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What Makes a Good Hardship Letter

There’s more to writing a Hardship Letter than meets the eye and for good reason.  First, borrowers must understand “what is a Hardship Letter”. A Hardship Letter must be more than a complaint or sad story, it must specifically be a Financial Hardship Letter, briefly detailing your very personal Financial Hardship.

As you can see the emphasis is on Financial Hardship Letter because frankly that is all your lender or servicer is concerned about.  Regrettably most homeowners in distress suffer more personal hardships than just financial hardship, however your lender is not capable of assisting with anything more than the financial aspect of your hardship.  While your Hardship Letter may touch on the nonfinancial aspects of your overall hardship, the best example of a hardship letter will focus on four components of a hardship.

 

 

Writing A Good Hardship Letter Cont...?

The most successful example of a hardship letter will contain four or five paragraphs at most and be one page long. Your Hardship Letter should explain what caused the initial financial hardship, how the financial hardship created a mortgage hardship, what you have done to change or correct the financial hardship and what help you need from your lender or servicer to correct the mortgage financial hardship. By focusing on the mortgage aspects of your financial hardship your lender will be unable to make any personal judgments about your situation. Consider your written statements to your lender as your Hardship Affidavit, or sworn statement of the facts of your hardship.

The best tip on how to write a hardship letter is to ask for all available mortgage assistance, don’t simply write a hardship letter for a loan modification. Your lender is only required to consider what you ask for, so why limit your request to only a modification..

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