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MORTGAGE HARDSHIP LETTER
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Many home owners and families are overwhelmed by debt and have fallen behind on their mortgage and other financial obligations. Issues such as jobloss, income reduction, credit card bills, Adjustable Rate Mortgage Reset-Payment, Illness, Failed Business, Job Relocation, Incarceration, Death of Spouse or Co-Borrower, Military Duty, Damage to Property (natural disaster or unnatural) Medical bills, Marital Separation and Divorce are all issues that contributed to the high foreclosure numbers that we've seem lately in the U.S.
Uses for a Mortgage Hardship Letter:
- To explain why you are unable to make your current mortgage payments.
- To renegotiate the terms of your current mortgage
- To possibly save your home from the foreclosure process.
- To work out an arrangement to help save your credit.
- Open the door for negotiation
- To connect emotionally with the creditor and have a better chance to get the help you need.
BELOW PLEASE FIND A COPY OF A HARDSHIP LETTER TO CREDITORS FOR LOAN MODIFICATION
MORTGAGE HARDSHIP LETTER
Loan Modification
Name: (Your Name)
Address: (Your Address)
Lisa Brown
Major Mortgage Lender
5555 Eastern Avenue
Cityville, CA 90001
Loan #: (your Loan #)
Date ___/___/_____
RE: Loan Modification
Dear Mr. _____________,
I am contacting you today in order to request a Loan Modification that would enable me and my family to keep making the mortgage payments and save our home from foreclosure.
When we first purchase our home our mortgage payments were $950.00 per month. Since then my gross income has reduced from $3,500.00 to $2,500.00 due to _______________________________. On ______ our mortgage payment adjusted upward to $1,400 per month.
So, as you can see our income is not nearly enough to cover the new, readjusted payments and other expenses and we had fallen further and further behind. I'd like to take advantage of your home modification program and reduce my payment to $900.00 per month. Please review and consider changing the terms on my loan or offer me a similar payment plan.
OR
After done some calculations I have determined that my income of 2,500.00 is not enough to cover my monthly mortgage expenses of $1,400.00 and offset my day-to-day cost of living. So, the only way we can continue to honor our obligation to you is by having our payment reduced to $900 per month or work on a similar payment you may suggest.
Thank you for your time and consideration. If any additional information or supporting documentation is needed, please feel free to contact me at: (your daytime phone number, evening phone number, mailing address and e-mail).
Sincerely and Respectfully,
_______________________
Borrower’s Signature
Date
_______________________
Co-Borrower’s Signature
Date
BELOW PLEASE FIND A COPY OF A MORTGAGE HARDSHIP LETTER FOR SHORT SALE
MORTGAGE HARDSHIP LETTER SAMPLE
Short Sale
Name: (Your Name)
Address: (Your Address)
John Willians
Major Mortgage Lender
5555 Eastern Avenue
Cityville, CA 90001
Loan #: (your Loan #)
Date ___/___/_____
RE: Short Sale
Dear Mr. _____________,
I am contacting you today to request a Short Sale that would avoid the foreclosure of our family home.
When we first purchase our home our mortgage payments were $950.00 per month. Since then my gross income has reduced from $3,500.00 to $2,500.00 due to _______________________________. On ______ our mortgage payment adjusted upward to $1,400 per month.
As you can see our financial situation cannot sustain our current mortgage payments and day-to-day cost of living. At this time, we want to desperately avoid foreclosure and salvage our credit. So, we are asking that you please assist us in having a short sale approved by accepting this offer as payment in full.
Thank you for your time and consideration. If any additional information or supporting documentation is needed, please feel free to contact me at: (your daytime phone #, evening phone #, mailing address and e-mail).
Sincerely and Respectfully,
_______________________
Borrower’s Signature
Date
_______________________
Co-Borrower’s Signature
Date
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