How to Write a Letter of Hardship to a Mortgage Company
If you find yourself in a position in which you need to write a letter of hardship to your mortgage company, you're in a tough, stressful situation, and the last thing you want to think about is framing the perfect letter. But a good letter will go a long way toward helping you dig yourself out of the hole, so alleviate a little of the pressure by following these tips:
1. Don't hide from the emotion. Your inability to pay your mortgage may stem from a death in your family, the loss of a job, medical issues, or some other major problem. Whatever it is, it is causing you stress and turmoil, and you may even be experiencing some panic. Your tendency may be to try to keep your hardship letter cut and dry, without emotion, but this is not the right attitude. While your writing should be professional at all times, emotion is your friend in this situation, so use it. The person reading the letter needs to feel what you are feeling, so write from the heart.
2. Be specific. Write as much about the details of your hardship as you can. Use numbers, dates, and provide records, all to prove to the lender that you are in a serious situation.
3. Try to keep it short. Though you need to make sure to include all the relevant details, including as much emotion as you can muster, also keep in mind that the person who reads these letters read dozens every day. He/she will appreciate your brevity, and will be more inclined to actually read your entire letter if he/she doesn't have to spend half his/her day doing so.
3. Indicate your willingness to make an effort. The mortgage company won't want to hear, "I can't pay, and that's that." Instead, make sure to mention that you want to stay in your home, and that you are willing to work with the company to ensure that's possible, while at the same time making an effort to pay your debt. You want to avoid foreclosure, but you also signed a contract that stated you would repay this loan. That will be the insurance company's stance; your job in writing this letter is to make them understand that you are still good for the money, but your current situation requires a little bit of leniency.
4. Be gracious. Thank them for reading your letter, and thank them in advance for being willing to work with you. Remember that the lender would be well within its rights to foreclose on your home, so anything they do to help you is worthy of your gratitude. Thanking them in advance helps to makes you seem like a kind person who is doing the best he/she can.
Index of Hardship Letter Examples