Financial Hardship can happen to us for a variety of reasons and writing a hardship letter to your financial company or lender may be necessary to avoid a mortgage deliquency or even to stop foreclosure.
Reasons one might write a hardship letter include:
Loss of employment
Temporary Layoff
Change of Jobs
Medical
Death in family
Here is a sample hardship letter for a loss of employment for a mortgage company to stop foreclosure, however this sample format can be substituted for a variety of circumstances involving financial hardship.
Sample Hardship Letter for a Mortgage Company
To: Mortgage Contact
Company
Address
Phone/Email
Loan #
I am writing this letter to explain the circumstances of our hardship enabling us difficulty maintaining our mortgage payments. We are asking you consider us for a loan modification or restructuring to lower our monthly payment. Our main goal is to continue payment on our mortgage and not fall delinquent and would appreciate the opportunity to do that.
I have fallen out of full time employment since the beginning of this year. I am working for myself at the present but right now it is not sufficient enough to allow us to maintain our current payment contract and I feel we may fall behind as a result.
It is our full intention to pay what we owe but due to my recent hardship our income and resources are becoming depleted and we are turning to you for help.
We believe our financial hardship to be temporary and should improve by the end of this year because of the work I am doing.
We would appreciate if you could work with us to restructure our payment amount so we can afford to continue to pay on time and not fall behind on our mortgage.
We truly hope that you will consider working with us and are anxious to reach a solution so we can move forward with our goal to pay off our house.
Sincerely,
Name of Borrowers
Financial Institution
Loan #
Resident address Phone / Email
