What is a hardship letter?
In most people who have difficulty in paying for their mortgage and would like to apply for loan modification program, one of the requirements and the most basic one is the hardship letter. This is a correspondence to your bank to give you consideration in paying for your mortgage in lower fees, extend your loan, and asking your bank in giving you one more chance to settle your mortgage in a way that you can afford.
What should be included?
The first thing that you need to write is the explanation of your financial situation, the reason of having high debt in your mortgage, and what you are doing in order to settle your mortgage fees.
"Honesty is the best policy," as the golden rule, be honest on your letter. Provide fine points of your financial condition, you are asking for another chance to settle your fees, in case that they found out the truth that is opposite in your statement in the letter I don't think that you will be forgiven.
If possible for you to provide documents that you are having difficulty in paying for your mortgage, you may do so. Documents that will include bills, unemployment, sickness, disability is a good way to back up your statements in the letter that you will submit. This is giving the evidence that you are saying the truth.
Do not make your condition worse in the letter of hardship. There's a possibility that the lender may ask for any documents that you may not provide.
Lastly, if you can give possible reasonable suggestion on how you can pay for your mortgage is good. This proves that you are willing to settle your fees and you need their help ion order to pay for your fees.
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