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In this video tutorial, the speaker discusses the importance of a hardship letter when applying for a loan modification. The key is to communicate your current financial situation effectively. For a loan modification, the letter should emphasize that although you experienced financial hardship, you have since recovered and are in a stable financial position. In contrast, if applying for alternatives like a deed in lieu or a short sale, the focus should be on the ongoing financial difficulties, portraying the mortgage payments as unaffordable. This understanding is crucial for determining the appropriate approach to writing your hardship letter.
