BiggerPockets

Loan Modification Hardship Letter Guidelines

We have been getting a ton of requests from people, begging us for advice about mortgage hardship modifications and mortgage loan modification hardship letters.

Unfortunately, we are not legal advisors and, as such, we cannot offer legal advice on how you should pursue a loan modification. However, after speaking with some folks in the industry and our own council, we offer the following loan modification letter guideline as it is; a guide.

We make no warranties, expressed or implied as to the effectiveness of such a letter. It's been our experience that loan modifications have been almost impossible to attain. If you are fortunate enough to find a company, then follow their advice closely. We know of a few reputable companies but we are not allowed to post their information on this article due to article posting guidelines and other legal issues that could or may arise as a result.

Hardship Letter Guidelines:

Name: (Your Name)

Address: (Your Address)

Mortgage Co: (Mort. Co.) Loan No: (your Loan Number)

I/We, (Your Name), are requesting that you review my financial situation to see if I/We qualify for any workout option.

I/We are having problems making my monthly payments because of financial difficulties created by (circle what applies):

Unemployment
Reduced Income
Divorce
Separation
Medical Bills
Too Much Debt
Death of my Spouse
Death of a family member
Payment Increase
Business Failure
Job Relocation
Illness
Damage to Property
Military Service
Incarceration
Other (Please Specify)

This difficulty or situation happened on or about this date mm/dd/yyyy.

I/We believe that my/our situation is (circle one) Temporary / Permanent

This is a brief account of the situation is as follows: (explain your situation… tell them you feel you can now afford your payments)

I/We, (your name), state the information provided above to be true and correct to the best of my/our knowledge.


Borrower's Signature
Date


Co-Borrower's Signature
Date

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