Hardship Letter Help
What is a hardship letter?
Basically a hardship letter is a letter to a financial institution; like a bank; to appeal for leniency or even a temporary halt in terms of your repayments, due to circumstances beyond your control. Thinking of it as an application of sorts is a good approach.
Before you begin writing the letter itself, you need to get all relevant information in order and have it at hand. You will need all the relevant details of the mortgage that you are hoping to modify due to hardship. These details include the account number of the mortgage, the cost of the repayments and the frequency of the repayments. You will also need the facts as to why you are applying for the mortgage modification due to hardship straight and sorted out before you start writing the letter.
Some reasons for applying for a mortgage modification due to hardship include loss of employment due to redundancy, loss of employment due to serious illness of yourself or a direct family member or loss of employment due to your employer going into liquidation. Provide as much evidence as possible to back up your claim. If you are unsure as to whether or not your circumstances are applicable review the terms and conditions of your mortgage or seek advice from a lawyer or financial advisor. Keep in mind that mortgage terms and conditions can vary from bank to bank and more importantly and while you feel that you are being subject to hardship the bank may not agree with you.
Write one or more drafts before writing the final letter. The first reason for this is to make sure that you are sticking to the facts and doing your best to keep emotions and opinions out of your letter. The second reason for this is to make sure that your final letter has a good structure and layout, which is important. While you are not necessarily expected to write a professional letter, the more professionally written it is, the more likely your message will be heard.
When writing your final letter be sure to re-read it before signing it. Also, if you are unsure as to how it should be laid out either ask someone or review any prior written correspondence from your bank to see how they do it. Now that you have finished reading this article on how to write a convincing hardship letter for mortgage modification you should find the process easier and less confronting. But remember most of all that if you have trouble, ask for help from those around you and professionals that can help and advise you.