Edit data in the Hardship Letter

Aug 6th, 2022
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How to edit data in the Hardship Letter

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okay the purpose of this video is just to talk about the format of your hardship letter to give you the best shot at getting it quickly through the financial hardship verification review process and so just a quick word here the we talked about this in the other video with the general hardship information but with your hardship letter youre trying to just quickly have the bank processor or negotiator look at your letter understand that you had a genuine financial hardship they want to understand that that financial hardship is related to the reason why you defaulted and you want them to just kind of push you through to the next phase and so these are kind of just formatting tips to help you get through that phase number one one page maximum do not send a multiple page hardship letter i never send a hardship letter that even takes up a full page what you have to understand is the lender representatives have multiple files on their plate um they dont sit down carefully and you know unf

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Lost Employment. Unemployment Compensation Statement. (Note: this satisfies the proof of income requirement as well.) Termination/Furlough letter from Employer. Pay stub from previous employer with.
Hardship Examples Illness or injury. Change of employment status. Job Loss or loss of income. Natural disasters. Divorce. Death. Military deployment.
As a Federal Employee my income has been reduced by 20% per pay period. I am now experiencing financial hardship due reduced income. Because my income has dropped considerably I can no longer afford the terms of the original loan.
What to include in a hardship letter The date, your name, address and phone number. The lender/servicer and loan number. The date or approximate time frame when the hardship started. The expected timeframe of hardship short term (six months or less) or long term. Describe your goal. State the facts, not emotions.
Focus only what has currently happened and how that has impacted your ability to make the payments. List what you have done to try to resolve the hardship. For example, you reduced your expenses, picked up a second job, etc. Explain why you need help from the lender to avoid default.
When you write the hardship letter, dont include anything that would hurt your situation. Here are some examples of things you shouldnt say in the letter: Dont say that your situation is your lenders fault or that their employees are jerks. Dont state that things will likely turn around for you.
RE: Hardship Letter Dear Sir/Madam, I am experiencing financial hardship due to the government shutdown/furlough. I have fallen behind on my payments because my income has dropped considerably since (month) and I can no longer afford the terms of the original loan.
Dont say that your situation is your lenders fault or that their employees are jerks. Dont state that things will likely turn around for you. If the lender thinks you might soon have the financial means to repay part of the debt, you might not be approved for loss mitigation.

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