Are you currently seeking to adjust your existing home loan with a loan modification? Are you asking yourself precisely what you need to tell your lender? Don’t you think about whether you should call or write a letter? In that case, are you unsure about what things to write in your letter?

Well, your hardship needs to be explained via letter, but it should not be long and drawn out. Remember, the lenders are getting a pile of these letters, and they do not have enough time to spend reading long, drawn-out sob stories. Your letter must be at most one page; it must be clearly written; it should be succinct and to the point. It should contain your account number, name, address, and contact info. It needs to be addressed to your bank. Here’s a sample hardship letter:

To whom it may concern: I, (your name), ask you for a loan mod with a back payment and late fee waiver. Due to conditions outside of my control, I’m not able to keep current on my mortgage installments to (your mortgage company). I am seeking your assistance so that I may resume payments on my home and prevent foreclosure.

Since (date the problems started) I’ve endured an increase in costs (describe cause for increase). Since (date difficulty started) I have experienced a reduction in (explain reason for decline in income). In (date you started to be late on payments) I depleted all my resources and was not able to manage my mortgage payment. I am asking for your help in saving my home from foreclosure.

(Describe how you feel the modification will help you in maintaining your house. Explain how much time you think your circumstance will last, and exactly how and why you believe it will improve in the future.)

I am able to (express when or how much you can make in payments or how much you’re capable of paying in back payments if necessary). (Say why you believe it’s in yours and their best interest to band together on an agreement.

Regards, Your full name

Also see: example of hardship letter for loan modification

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