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Tips for Writing Hardship Letter for Loan Modification

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For submitting loan modification application, your vital document to be submitted is the Loan Mod Letter or better known as the Hardship Letter. These hardship letters are very important as they will tell the lender why you had gotten into difficulty paying your monthly dues. Therefore they should present a clear picture of your current financial status.Hardship Loan for Loan Modification

This letter can provide you an opportunity to inform your lender about the situation of your difficulties as well as the steps you have been taking to deal with them.  Make sure your reasons fall within the “acceptable hardship” list and will guarantee the lender that if given the chance to adjust your monthly dues, the home loan payments will be made on time from then on.

Some of the acceptable hardships from the lender’s point are listed below:

1. Loss of job or reduction in overall income
2. Death of the homeowner, spouse or family member causing additional expenses
3. Illness in the family causing unpredicted expenses
4. Divorce or separation
5. Forced job relocation by employer
6. Variable rate reset-payment shock
7.  Increasing expenses (on basic necessities)

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