HOW TO WRITE A HARDSHIP LETTER
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The reasons could be:Make sure the information you provide is backed up by documentation and numbers.
Creditors are not very interested in hard-luck stories that cannot be documented. The more information you can provide, the easier will be for your creditors to agree with the re-negotiation.
Provide an explanation of what will happen if a deal is not reached. (i.e. abandonment of the property by the owner and/or foreclosure sale...)
Mention when the hardship occurred and if it is temporary or permanent. If temporary, provide the estimated time-frame the hardship will last.
The hardship letter may contain your feelings and emotions concerning the situation. It's okay to make it personal and heart-breaking. Remember that it is another person that will be reading it and making the decision about the process, not a computer or machine.
Signed by the Borrower and Co-Borrower.
The economic decline is impacting everyone, from business to homeowners. Be respectful and never lose your temper when talking to the loss mitigator who is handling your case.
And finally, be honest about your misfortunes. People who lie in order to obtain a loan modification, short sale or re-financing may be charged with a criminal offense.
Free Letter of Hardship Sample
Free Promissory Note Template
Sample Repayment Agreement
Debt Negotiation Technique
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