Hardship Letter For Loan Modification Template

Introduction

A hardship letter for loan modification is an important document that can help you get a loan modification. It is a letter to the lender, in which you explain why you need to modify your loan. The letter should be written in a way that is persuasive and convincing so that the lender will be willing to work with you to make the changes you are requesting. It is important to note that the lender will not always agree to the modification, but it is worth the effort to try.

What Should You Include in the Letter?

When writing a hardship letter for loan modification, you should include some key elements. First, you should state the reason for the request for the loan modification. This could be due to a decrease in income, a medical issue, a death in the family, or any other situation that has caused a hardship. You should also include any documentation that can support your request. This could include pay stubs, medical bills, bills related to the death in the family, or any other relevant documents.

How to Write the Letter

When writing the hardship letter for loan modification, you should make sure it is written in a professional manner. Begin by addressing the letter to the lender, and include the loan number and account number. Then, state why you are writing the letter and explain the hardship in detail. Make sure to include any evidence that can support your claim. Finally, explain what type of loan modification you are requesting and why it will help you.

Example of a Hardship Letter

To whom it may concern,
I am writing to request a loan modification due to a hardship. I recently lost my job due to a restructuring in the company and my income has decreased significantly. As a result, I am unable to make my loan payments in full. I am attaching pay stubs that show my income before and after the restructuring. I am requesting a loan modification that will allow me to make smaller payments for the next 3 months until I am able to find employment. I appreciate any consideration you can give to this request.
Sincerely,
[Your Name]

Conclusion

A hardship letter for loan modification is an important document that can help you get a loan modification. It is important to make sure that the letter is written in a professional manner and that it includes any evidence or documentation that can support your request. If you follow the tips above, you should be able to create a hardship letter that will help you get the loan modification you need.