The borrower should keep a copy of the letter as well as the receipt that proves the lender received it. In most cases, a hardship letter is written as part of the paperwork to conduct short sale or loan modification. All of these free sample template pdf letters work great. ©2020 Credit Knocks is a Trademark of Credit Knocks LLC. If you don't have serious time to devote to your dispute letters, we recommend you hire the pros to help. Get a free consultation with a credit repair expert to see how much they can help your credit score. There is no legal precedent for a mortgage company to grant you a financial waiver and help you out. I was too! Get your free sample letter of hardship now! Real estate investor, lawyer, personal finance writer, and Co-Founder of Credit Knocks. There's just one thing for you to consider... your credit history has also probably taken a beating during this financially stressful time. {Your Address} Credit Knocks is an independent, advertising-supported, information and review service. For people with upcoming deadlines, it may be a good idea to write a coronavirus hardship letter … Check out our #1 choice for professional credit repair. Some of the offers that appear on this site are from companies from which Credit Knocks receives compensation. by Moe Bedard | May 12, 2014 | Loan Modification Articles. That e-mailed letter--and Mr. Mozilo's response--became very public when Mozilo added some uncharitable remarks and then inadvertently hit "reply all" instead of "forward." After contracting {illness} I have been unable to work and therefore unable to meet payment demands. ... Request a modification of my home loan due to financial hardship. I have attached the appropriate financial documents, including {list of documents}, which should illustrate to you how serious my Since being forced to leave my job, I have taken on a position as a {position}, but this has caused my income to fall from {amount} to {amount}. situation has become. Index of Hardship Letter Examples located at {address}. I am writing this letter in support for my loan modification plan for the {mortgage, loan, etc.} Advertiser Disclaimer - Some links on this page may pay us advertising fees. Speak to the pros! Free Section 609 Credit Dispute Letters - Samples, Templates, & PDFs, Free Goodwill Removal Letters - Samples, Templates, & PDFs, How To Write A Hardship Letter - Free Samples, Templates, & PDFs, Free Pay For Delete Letters - Samples, Templates, & PDFs. Thank you for your consideration. Countless others face the loss of their loved ones, homes, jobs, retirement accounts, and more. ATTN: {appropriate department} However, it costs them a lot more money to foreclose on your home than to try and work out an amicable agreement, so many lenders will attempt to work with you. For these, the letter explains why the homeowner is making a request for a loan modification or needs to short sale the property. To have a lender agree to modify your mortgage or accept less than what is owed will require you to provide a concise story and many financial documents to prove it. Since it is a formal document and will become part of the borrower’s and lender’s permanent file, it should be written in formal business style and sent by certified mail. Want a second opinion about how to tackle your credit? Remember to keep it short and include any documentation necessary, such as, check stubs, death certificates, or legal correspondence. Tragically, many people have lost their lives to the virus. There are going to be many hoops you will have to jump through and documentation you will have to provide. {Your Name} If you have any additional questions, please review the free hardship affidavit examples, templates, & PDFs to help you write your letter. Best of all, if you can successfully get your lender to modify your loan or agree to a short sale price, your credit score can increase quite a bit by avoiding a foreclosure and future late payments! A hardship affidavit is not something that is going to be 'just accepted'. Below are sample loan restructuring request letters. When a lender accepts a short sale, they agree to cancel the loan for 'short' of the actual payoff amount. Your email address will not be published. In a recent study, we found that *48% of paying, credit repair clients got a 100+ credit score gain or more. If you make a claim in your affidavit that is untrue or unsubstantiated, there is a good chance that the bank will deny your request and proceed with foreclosure. located at {address}. I was specifically instructed to refrain from {specific actions} for {amount of time} in order to recover my health and keep from having a relapse. Check out our #1 choice for professional credit repair. If you are behind on your home mortgage due to financial difficulty, you may be able to get some relief by writing your lender explaining your financial hardships. Sample Hardship Letters 285 hardship letter templates you can download and print for free. Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. You may change them or use them exactly how they are written. Below is a sample hardship letter for home loan modification. When you apply for a loan modification with your mortgage servicer, they will request what is called a hardship letter. COVID-19 has had an impact on every person’s life. Dear Name of Loan Officer: I am writing to request a modification of my home loan. Underemployment after the loss of a previous job, A decline in business earnings if self-employed, How the current financial situation arose, What has changed in the real estate market since the original mortgage, What steps have you taken to remedy the situation, How the situation cannot be improved and why. Formatted and ready to use with Microsoft Word, Google Docs, or any other word processor that can open the .DOC file format. Because of these restrictions, I have been unable to resume my job as a {position} since {date}. on the {home, car, etc.} All financial products and services are presented without warranty. I was diagnosed with {illness} on {date} (see Doctor Statement, attached.) My intention is to stay in my home, and my hope is that the loan modification will allow me to get my loan in order and back on the right path. If you write one that has success, please email it to us, and we may add it to our list. Get help from the pros! A Hardship affidavit is sent to your home mortgage lender requesting a loan modification or short sale due to a distressed financial situation.

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