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In this tutorial, the speaker discusses the importance of a hardship letter when applying for a loan modification. The purpose of the letter varies depending on the type of financial relief sought. For a loan modification, the letter should convey that the applicant has experienced financial hardship but has since recovered and is now in a stable financial position. In contrast, when applying for a deed in lieu or short sale, the letter should emphasize ongoing financial difficulties and the unaffordability of mortgage payments. Understanding the intent behind the hardship letter is crucial for effectively communicating with the lender.
