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In this tutorial, the speaker discusses the importance of a hardship letter when applying for a loan modification, short sale, or deed in lieu. For a loan modification, the letter should convey that the applicant has recovered from financial hardship and is now in a good financial position. In contrast, when pursuing a short sale or deed in lieu, the letter should emphasize ongoing financial difficulties and the unaffordability of mortgage payments. Understanding the purpose and audience of the hardship letter is crucial for effectively communicating the applicant's situation to the lender.
