Hardship Letter Template With Guidelines (Page 2 of 2) in pdf

Hardship Letter Template With Guidelines Page 2

Your hardship letter helps the lender or servicer evaluate your situation and find

the appropriate solution based on your intent, income, loan and circumstances.

Your letter should:

•

Include all borrowers' names, loan number, and property address up front

and center so the servicer/lender can locate your loan easily.

•

State your intent: do you want to keep your home or not?

•

Explain clearly the reason you cannot meet your monthly mortgage

obligation.

For example:

"In June of 2007, I lost my job. Over the months of July, August and

September I struggled to make my monthly payments, but still succeeded.

When the interest rate increased on my adjustable loan, in spite of

budgeting and cutting down on any unnecessary expenses, I was no

longer able to make the payment…"

•

Also, state whether your hardship is temporary or permanent. For

example, if you lost your job and have now regained employment, it is a

temporary hardship. Can you resume paying the same amount you paid

prior to the hardship?

•

State clearly how, when and where you want to be reached.

•

Be clear and concise — describe your situation, but don't make it too long.

Hardship letters present you and your circumstances to the lender or servicer.

Make sure to provide a clear and understandable explanation.

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Hardship Letter Template With Guidelines Page 2