In either case, you have to approach your lender asking for its cooperation by outlining your reasons for the request. A hardship letter states your case. Contact your lender asking for the loan modification department. Request the name, address and telephone number of the asset manager assigned to your case. Get the spelling correct.
How to Write a Financial Hardship Letter to a Mortgage Company
Letter of Financial Hardship
A hardship letter is a letter written to request leniency or special consideration in the case of financial difficulties. This letter explains to the lender your present circumstances, your efforts to get out of the circumstance, and your inability to come out of the situation. These letters focus on three areas:. If you are unable to make credit or mortgage payments, or if you are unable to cover a particular debt, then a hardship letter is a convenient way for requesting leniency. This letter can protect you from the foreclosure of your assets. Circumstances that warrant a hardship letter 2.
When you buy a home, you do so with the intention of staying there for a long time. Nobody wants to start a mortgage expecting it to go into foreclosure at some point. However, there are situations beyond your control that may push you towards that. If that has happened to you, and you want to keep your house, one option is to write a hardship letter to your mortgage provider. This letter is a formal letter that must be written to the right person, in the right department.
A letter of financial hardship is a request for special consideration when somebody is struggling with their finances. The letter is most commonly sent to a lender to request consolidation of outstanding debts, or to request a little leniency in relation to payment deadlines. This can range from medical bills, to credit card debts, to the foreclosure of a property. Letters of financial hardship may also be written by students who cannot afford higher levels of education, in hope of a grant, scholarship, or reduced tuition.