Of course you cannot forget one of the most important pieces of the loan modification application: the financial hardship letter. Your lending institution will receive this letter along with your other application documents. It explains to them why you are requesting a modification on your mortgage loan, what would be an acceptable modification in your mind, and communicates how committed you are to paying down your mortgage and holding onto your house.
Above all, your letter should underline the fact that you are a responsible homeowner. You ordinarily would never ask for something like this, but an unforeseen crisis made it absolutely necessary. Through no fault of your own, you need a loan modification to get back on your feet. With a modification to your mortgage, you’ll get the second chance you need to prove how responsible you really are.
While writing your letter, remember that brevity is the order or the day. Keep your letter to one page if possible, but certainly do not go over to. Remember that the person reading your letter is busy and has lots to do. If your letter is focused and short, they will probably give more attention to it than a rambling epistle with all sorts of winding information.
And I’m assuming that you know your letter of hardship has to be professional sounding. Eliminate all mistakes, including poor spelling and grammar. You will find hardship letter templates on the Internet, and you can either use one or at least glean some ideas from it. Some are free to use, while others cost a fee.
One last consideration in writing your hardship letter is that you shouldn’t mince words. Don’t underemphasize the severity of your situation. But at the same time, don’t force drama upon the reader. If you are sincere in your letter, it will show through and most likely get your application approved.