Composing a Hardship Letter Lenders frequently require homeowners to submit a formal Hardship Letter as a method of explanation. The best Hardship Letters will also be submitted with support documentation or evidence that confirms the circumstances leading to the default. It is also likely that current proof of income (or lack thereof) will also be requested/required; e.g., unemployment check stubs, utility bills, medical bills, layoff or employment termination notifications, etc. Copies should suffice, but original documents may also be requested. Before sending these documents off to your lender, a copy of the Hardship Letter and all support documentation [which might also include automobile maintenance receipts, funeral receipts, medical bills, divorce filings, support awards, termination papers, unemployment benefit letter, etc] should be made and retained for your records. ------------------------------------------------------------------------------- SAMPLE HARDSHIP LETTER Borrower(s) Name: Loan # : Property Address City, State, Zip Code Phone Number: Date: Reason for Hardship: Reference: [Loan number or other identifying information] To Whom It May Concern: We are experiencing a temporary setback in our finances and have fallen x months behind in making mortgage payments. As such, our loan is currently in default and our property located at list your property address is in jeopardy of being lost. The financial strain we were experiencing was brought on by [provide a detailed explanation of the circumstances leading to the default. You might find reasons that fit your circumstances in the link provided at http://www.foreclosurebeat.com/]. To avoid a loss of our property we have [identify steps you have taken to get your loan back on track such as get a raise, take on a part-time job, etc]. Because this time represents a temporary set back for us, we anticipate that we will be able to maintain the loan throughout the life of its term pending the approval of a workout. We have included various documentation [Identify] that will lend credence to our situation. These documents include income verification, a complete financial statement, bank statements, tax returns, and evidence to substantiate the hardship to better assist you in your assessment. [Supply whatever is appropriate to your situation. Include specific documents requested by your lender.] Your understanding and prompt attention to this matter is greatly appreciated. Thank you for your time. Sincerely, Borrower name(s): Loan information Enc: [Identify enclosures]
The letter that is written to a car dealership asking if they have a hardship program should ask whether or not they have a 'Buy Here, Pay Here' policy. Purchasers of cars that are bought under this agreement rarely need a credit check. A person only needs a steady job and a steady place of residence. They will pay a higher price in the long run for a vehicle, though.
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