Mortgage Management: Writing a Financial Hardship Letter

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If you are having difficulties with your mortgage, you may need to write a financial hardship letter at some point. This will be necessary if you are trying to enter a loan modification program or are requesting some other type of help from your mortgage company. Here are the basics of how to write a financial hardship letter effectively.

State Your Request

Early on in the letter, you will want to state the reason that you are writing the letter. You need to be clear and concise when stating your request. If you want a loan modification, do not be afraid to ask for it. Tell them what monthly payment you would be able to afford and let them know that you want them to modify your loan payment to that amount. Even if you do not think that the number is realistic, you need to be as honest and direct as possible. You never know when the lender will accept your offer.

Give Specific Information

When you are writing the letter, you want to be sure to give specific information throughout. Do not be vague or include generalities in the letter that do not explain anything. You want to give specific reasons that you have been unable to pay your mortgage. The lender is going to appreciate your honesty in this matter, and it will improve your chances of accomplishing your objective.

Be Brief

While you want to try to provide as much specific information as possible, you do not want to be lengthy with your explanations. You should do your best to be brief in every area of the letter. No one wants to sit and read through a long, drawn out explanation of how tough your life is. Try to be professional and as brief as you possibly can while conveying important information at the same time.

Personalize the Letter

Although you want to be professional while writing the letter, you also want to try to include personal touches. You want to try to personalize the letter as much as you can so that you might influence the person that eventually will be reading it. Even though you are working with a lender, the lender is made up of people too. If you can reach out to another individual, he or she may be willing to work with you to help solve the problem.

Be Honest and Grateful

When you are writing a hardship letter, you do not need to resort to bitterness or trying to find fault with the lender. Some people get angry with their lender and resort to name-calling or some other tactic that will not help them at all. If you want to be successful with a hardship letter, you should be as honest as you can and be grateful for the opportunity that they are giving you to modify your loan. Thank them for taking the time out of their schedule to evaluate your hardship letter and for potentially helping you in the future.