When seeking a home mortgage loan modification, one of the first things you will need to do is write a hardship letter. This letter, addressed to your lender, describes the financial hardship you're experiencing that makes a loan modification necessary. Your options for writing a hardship letter include working with a licensed financial counselor and using loan modification hardship letter templates.
A hardship letter template can be a really valuable tool in drafting your letter, but make sure that you do not just grab the first template you see. You need to take this letter very seriously, because it is very important. It could mean the difference between losing and keeping your home. Make sure that the template you use is a good one. You can use the following criteria to judge.
First, the template should not be too long or long-winded. Make sure that you can fit it all in a page or two. Any longer than that, and your letter will most likely be breezed through or overlooked by overworked and underpaid loss mitigation specialists at your lending company. Now more than ever, they are receiving multiple requests just like yours every day.
Second, a good hardship letter template should sound professional in nature. It should use good grammar and spelling, of course, but there is more to it than that. You do not want to sound whiny, pitchy, or melodramatic in your letter. You want to be serious and honest; your financial circumstances are dire and the bottom line is that you need a loan modification in order to keep your home.
Loan modification hardship letter templates are found in various places. The easiest way to locate them is to do a simple Internet search for them. Dozens of results will immediately crop up. Depending on the site offering the templates, you may be asked to pay a fee. But there are plenty of sites that offer free advice and free templates to use at your own discretion. The important thing is not the source of the template but rather the content.
Do not feel that you need to use a template verbatim. If you see elements that you like in several different templates, it's okay to blend them together and make them your own. You can also just browse several templates for ideas and then write your own from scratch. A financial counselor is available to help you if you run into trouble.