Nowadays, most of the homeowners are struggling to pay their credit payments. The hardship letter is one personal letter the individuals written to show their difficulty to ignore the fee. With the help of this letter, one can avoid the foreclosure and get the fresh begin. The government program is one of the effective options is available to the people. It provides borrowers with a great opportunity to change their present financial status to reduce their interest rates.
Selling the property in the small sale is another option. The lender is requested to agree to believe a smaller amount than the principal balance payable on the credit. The banks need the hardship letter in the process. There are several situations hardship letter is required. There are a lot of common cases such as
- Job transfer hardship letter
- Loan modification
- Mortgage overdue hardship letter
- Short-sale hardship letter
How To Write A Hardship Letter
When considering writing the letter, most of the individuals do not have knowledge of how to start, what to write and others. One of the common problems comes when the people type the letter as they would an informal letter to the relative. If you need to write a hardship letter then you should look out the examples of hardship letters. It helps you to write the quality hardship letter for the short sale. Poorly written hardship letters can cause the lender to refuse the request of the borrower for the loan modification. By following the below-given steps you can write a hardship letter.
- Keep the letter small and try to write on one page
- The borrowers personalize the hardship letter by including information about your family details.
- The letter must provide enough information related to financial and document like income tax, cash flow statement, letter, bank statement and others.