In writing the hardship letter for loan modification remember to keep it concise, short and simple. I strongly recommend one to maximum of two pages because the lender doesn't have the time read a novel like letter, just point out the reason why you fail to meet up with your periodic amortization.
Just like any formal letter, begin with proper salutation, use reasonably font type and size that is easier to read, always use A4 sized paper. Do not forget to put the word "hardship" letter for loan modification. Some words like death of a spouse, large medical expenditure, divorce of a spouse, military deployment and reduction in your net income, immediate relocation are some legitimate and accepted financial problem by the lenders
The Letter:
It must explain in the first sentence why there is necessity for the letter; this may include all the effort taken to curtail the situation, all this should be written in the first paragraph.
The second paragraph should have something like the description why you fail to affect your regular monthly amortization. I suggest honesty here because overly thought out explanation may appear fake and deliberate. You can add another paragraph to buttress the point you are making.
It is important to quote the exact duration of the hardship period, this will help your lender to head start their response for the loan modification. This paragraph should emphasize the desire to settle the loan but you should be granted a leeway for now.
In the final paragraph, end the letter with parting words that are favorable to both parties. Sign your letter with date. Don't forget to fill your application properly.
If you diligently follow this piece of advice you will surly have your letter for loan modification approve very fast.
Just like any formal letter, begin with proper salutation, use reasonably font type and size that is easier to read, always use A4 sized paper. Do not forget to put the word "hardship" letter for loan modification. Some words like death of a spouse, large medical expenditure, divorce of a spouse, military deployment and reduction in your net income, immediate relocation are some legitimate and accepted financial problem by the lenders
The Letter:
It must explain in the first sentence why there is necessity for the letter; this may include all the effort taken to curtail the situation, all this should be written in the first paragraph.
The second paragraph should have something like the description why you fail to affect your regular monthly amortization. I suggest honesty here because overly thought out explanation may appear fake and deliberate. You can add another paragraph to buttress the point you are making.
It is important to quote the exact duration of the hardship period, this will help your lender to head start their response for the loan modification. This paragraph should emphasize the desire to settle the loan but you should be granted a leeway for now.
In the final paragraph, end the letter with parting words that are favorable to both parties. Sign your letter with date. Don't forget to fill your application properly.
If you diligently follow this piece of advice you will surly have your letter for loan modification approve very fast.
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