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In this tutorial, the speaker discusses the importance of a hardship letter when applying for a loan modification. The key distinction is understanding the purpose of the letter depending on the situation. For a loan modification, the goal is to inform the bank that although there was financial hardship, the applicant has since recovered and is now in a stable financial position. In contrast, when seeking alternatives like a short sale or deed in lieu, the applicant should emphasize ongoing financial difficulties, highlighting that mortgage payments remain unaffordable. Clarity on these points is essential before composing the letter.
