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In this tutorial, the speaker discusses the importance of a hardship letter when applying for loan modifications, short sales, or deeds in lieu. For a loan modification, the letter should convey that, despite past financial difficulties, the applicant has since recovered and is now in a stable financial position. In contrast, when seeking a short sale or deed in lieu, the letter should emphasize ongoing financial hardship and the unaffordability of mortgage payments. Understanding the distinct purposes of the hardship letter based on the situation is crucial for effectively communicating with the lender.
