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How to Modify Hardship Letter

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In 2020, many faced hardships like job loss, business downturns, reduced work hours, illness, separation, or death in the family, which can be reasons to include in a loan modification hardship letter. When applying for a loan modification, it's essential to clearly explain to the bank why they should grant your request. The tutorial will guide you on how to write an effective hardship letter, detailing what to avoid and the best strategies for applying to lower your payments and potentially save your home. Diego Mendes, an experienced loan modification, bankruptcy, and debt lawyer in Miami, shares his expertise, having assisted many clients with their hardship letters and loan modification applications.

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What is the explanation for financial hardship?

There are often two main reasons for financial hardship : 1. You could afford the loan when it was obtained but a change of circumstances has meant you can no longer afford the repayments; or 2. You could not afford to repay the loan when it was obtained. If this is the case, get legal advice immediately.

What is a good reason for hardship?

The most common examples of hardship include: Illness or injury. Change of employment status. Loss of income.

How do I write a loan modification letter?

COVID-19: How to Write a Mortgage Loan Modification Request Keep your letter to a single page. Include income and asset documentation such as pay stubs, bank statements, and other relevant paperwork. Stick to the facts. Let the lender know the specific concession you are requesting.

How do I write a hardship loan modification letter?

How to Write an Effective Hardship Letter Part 1: Explain what happened and why you are applying. Part 2: Specifically illustrate the time and severity of the hardship. Part 3: Back up the reasons traditional remedies wont work. Part 4: Detail why you are stable enough to succeed with a modification.

What should not be included in a hardship letter?

When you write the hardship letter, dont include anything that would hurt your case. 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.

What is considered proof of hardship?

Financial information or documentation that substantiates the employees immediate and heavy financial need. This may include insurance bills, escrow paperwork, funeral expenses, bank statements, etc.

How do you write a letter explaining financial hardship?

To Whom It May Concern: I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan.

What is a hardship letter explanation?

What Is a Hardship Letter? A hardship letter explains to a lender the circumstances that have made you unable to keep up with your debt payments. It provides specific details such as the date the hardship began, the cause and how long you expect it to continue.

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Modify Hardship Letter