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In this tutorial, the speaker discusses the importance of a hardship letter when applying for a loan modification versus other options like a deed in lieu or a short sale. For a loan modification or repayment plan, the hardship letter should convey that while financial difficulties were experienced, the applicant has since recovered and is in a stable financial position. In contrast, for a short sale or deed in lieu, the letter should emphasize ongoing financial struggles and the unaffordability of mortgage payments. Understanding these different purposes is crucial before writing the hardship letter.
