[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-276779-105":3,"detail-sidebar-cat-1-en-105":81,"doc-detail-276779-en":126},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","hardship-letter-loan-modification-application","Hardship Letter - Loan Modification Application","","A sample hardship letter outlines how borrowers can request a loan modification or other work-out plan to keep a home and resume affordable mortgage payments. The template demonstrates a structure for June 1, 2006: borrower and lender identification, account details, hardship circumstances, causes of falling behind, income and expense explanation, a proposed payment plan, and available funds set aside. 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Again, it is best to get the help of a legal advocate first. But you may not have enough time to get that help when you need it. So we have attached a sample hardship letter and some pointers about what information to include in your letter, if you need to write the letter yourself. It is better to try this on your own than to do nothing.  \nJune 1, 2006  \nDarlene Smith  \nLoss Mitigation Specialist ABC Mortgage Co.  \n1234 River Road Milwaukee, WI 33333  \nRE: John and Joan Borrower  \n217 Lake Street  \nOtis, ME 12345  \nAccount number: 98374092  \nDear Ms. Smith:  \n[State what type of work-out plan you are seeking; see enclosure “Can I save my home from foreclosure?”]  \nThis letter is to support our application for a loan modification plan that will help us to get our mortgage payments back on track with an affordable mortgage. We have lived in our home for over 20 years and we want to work hard and keep it.  \n[Explain any special hardship circumstances. Tell your story briefly but including important points about the hardships you face. ]  \nOur youngest child is learning disabled and attends a special program at school. If we lose the home we will probably have to move out of this school district. (There are few rental properties.) Our doctor has said that moving is likely to disrupt our boy’s development.  \n[Explain what caused you to fall behind.]  \nWe fell behind on our mortgage payments due to loss of income because of a lay-off. We had avery hard time dealing with our debts because we never had financial problems before. There are so many expenses and managing a home and family of 5 is hard.  \nJohn has been employed in the construction business for more than 20 years as a plasterer and mason. He was laid off by his prior employer last September and his unemployment compensation was only 60% of his prior income. Joan was able to increase her hours as a school aid as of December 1 to make up part of the difference, but we were unable to make full mortgage payments for December through April. Our partial payments were returned by you.  \n[Explain your plan for getting payments back on track. Convince the lender that you have a plan that will work.]  \nWe will be able to start making full payments again soon. John got part time work as of April 15, and this job can expand to full time as of July 1. He will be paid less than his prior job, but with Joan’s increase in hours our income will be approximately 90% of what it was before the lay-off.  \nOne other good thing is that John’s new job is indoor work, which will be steady, and his new employer is a construction company that has been in business for 35 years. Unlike some of John’s past jobs, he is not going to be laid off for the winter. John is a good worker and we know he will stick with this job.  \n[Explain what money you have set aside, if you do.]  \nWe had saved about $2,700 toward the mortgage as of March 1. This is the money you had returned to us. We had hoped to use this money as part of a plan to get caught up on our payments. However, we discovered last month that our 1196 Nissan Maxima could no longer be fixed. Since John’s new job is in Bangor, he needs a car and we have spent about $2,000 of the money we had saved as a down payment for a used (2000) Ford truck. We still have the other $700 and we expect to put aside $800 (the amount of our regular payment) each month starting August 1.  \n[Attach evidence of your budget (income and expenses) to support your plan. Specify what type of payment schedule you think you can keep.]  \nOur financial information is enclosed with this letter. If we can have a loan modification that involves payments of no more than $800 per month, we know we can make it. You will see that we have mini","cbCaieF302SX4iNr","https://ap.wps.com/l/cbCaieF302SX4iNr","pdf",67601,"English","# Sample Hardship Letter\n## Letter Request for Loan Modification\n## Drafting Tips and Essential Elements","[{\"question\":\"What is the purpose of a hardship letter in foreclosure prevention?\",\"answer\":\"It supports an application for a loan modification or other work-out plan by explaining the borrower’s hardship and proposed plan to make payments affordable again.\"},{\"question\":\"What information should be included in the letter?\",\"answer\":\"Include identifying information, the type of work-out plan sought, the cause of falling behind, hardship circumstances, a detailed budget and future payment plan, and any money set aside to pay the lender.\"},{\"question\":\"What causes of hardship do lenders typically require for eligibility?\",\"answer\":\"Most lenders look for involuntary income reduction or unavoidable increases in expenses, such as layoffs, reduced hours or wages, disability or serious illness, and uninsured major medical expenses or urgent repairs.\"}]","Hardship Letter - Loan Modification Application | PDF",1789495269]