How to Write a Mortgage Loan Modification Hardship Letter

By: Lindsy Emery


To get a mortgage loan modification, you must show your bank that you qualify due to an economic hardship. So you need to convince your lending institution that you deserve a lower monthly payment due to your circumstances. Below are tips to assist you in composing a hardship letter that gets the results you want.

First, you need to prove to your lender's satisfaction that you cannot continue your current payment due to circumstances beyond their control. Begin your letter by describing briefly what has caused the change in your situation. Some commonly accepted reasons include unexpected medical bills, a recent divorce, or a family member's death. However, these are not the only acceptable reasons, so take your time to think clearly and make a list of salient points. Once you have this, did turn it into a paragraph or two that addresses point by point your dilemma.

Once you have described the problem, then you need to propose a solution. This, then, we'll be the next part of your mortgage loan modification hardship letter. Again, make a list of the details. Your bank may need to know about your assets, income, forms of collateral, or anything else you own that may convince your bank that your loan will not become delinquent, under the new terms.

Show the bank in facts and figures how a modified payment structure will bridge the gap in your family's budget, and convince them that you are determined to do whatever it takes to keep your home.

One way to demonstrate your commitment is to provide your bank in convincing yet brief detail how you are involved in local schools, sports, church, community organizations, or other neighborhood institutions. Outline your commitment to your community. The point is to win the empathy of the bank's employee as they read your letter. Any details that show a connection between your family and the reader can help.

Your circumstances may be unique, but there are certain elements common to our way of life that your reader will identify with. So stick to the facts, but keep in mind that there is a real person reading your letter. Describe your family's situation, being sure to point out that you are highly motivated to keep your home, and that you are determined to work with your bank toward an equitable solution.

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For more tips about how to write a Loan Modification Hardship Letter and get approved - visit my simple, no nonsense loan modification guide and resource: Home-Loan-Modifications.info

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