Loan modifications can be requested if you are having trouble repaying your current loan for any reason. A letter needs to be given to your creditor explaining why you are experiencing financial hardship and for any requests to ease you situation.
The hardship letter is a main requirement in the process of loan modification. Your attorney will likely ask you to submit one in addition to your financial documents. They then evaluate your situation and the factors causing the hardship to try and present your lender with a strong case in your favor.
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When you are in the process of writing this hardship letter, remember that lenders are looking for the reasons why you have delayed or been unable to pay your mortgage. Try to be as clear as possible, but at the same time be honest and add the correct amount of detail that is important to the lender.
Make your letter concise. Most lenders do not want to spend more than five minutes reading a hardship letter. A single page is best, if you go any longer than that the lender may not read it all and can skip parts that are actually important. Therefore you should lose all the unnecessary details and include only the most important facts that are relevant and can help your case.
Try not to beat around the bush. Lenders appreciate you getting straight to the point, so start off by stating the purpose with which you are writing to him. Tell them you need them to modify your loan, and then tell them why you need it. In the next few paragraphs, go into the important details.
Be sure to explain the hardship you are in, provided it qualifies as an actual financial hardship. Valid hardships can be natural disasters resulting in the loss of your home and assets, becoming suddenly unemployed and no longer having your source of income, illness leading to extensive medical bills, divorce or separation that leaves you unable to pay the mortgage on your own, or military service.
If your hardship isn't one of these things, that's understandable because everyone has their own situations and lenders understand this. Let your letter explain your situation to the lender. Once you state your hardship, use evidence to strengthen your case. Tell the lender how the situation came about, and how it is out of your hands.
Finally it is time to restate your request. End the letter by informing the lender once again of your purpose, and how this is the only option that will prevent foreclosure. Make sure you explain that you fully intend to make your regular payments after the loan is modified.
Overall, you need to be humble. Never imply that the situation you are in is the lender's fault. Don't blame anyone. You should focus instead on telling the real story and letting your lender judge your situation. End your letter with thanks and anticipation of further business with them.
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