I have written a sample hardship letter for a loan modification for those who are looking to do it yourself. There are a number of services out there who will work on a loan modification on your behalf, but usually you are looking at upfront fees of anywhere from $1,000 to $4,000 or more. Given the right resources, most homeowners can talk with their lender directly about a loan modification. The basis for this conversation usually comes down to a well written and to the point hardship letter. I have put together a sample hardship letter to help those in this situation. You can also take a look at this group, they have a loan modification package that gives you the proper resources to do it yourself. Again, with the proper resources and commitment, you should not fear talking with your lender about a loan modification.
This sample hardship letter is in generic format, with suggestions throughout. Cut and paste it into Word and follow the basic prompts. It is straight and to the point. A hardship letter for a loan modification does not need to be lengthy, just get the facts on the table and make your request.
Sample Hardship Letter
Loan Number: - you can take this off of your mortgage statement
Name: - use whatever name(s) your loan is in
Phone Number: - the best phone number to reach you during the day, might be a good idea to include multiple numbers.
We have resolved this situation by (talk about your solution here – lost my job or my husband/wife lost their job, looked for new work for the past six months and just took a new job paying me $X amount per month, I start next week, etc.) and we feel that a loan modification would benefit us both. We would greatly appreciate if you would work with us to modify our loan so we may remain in our home. We are requesting (here is where you ask for the modification you desire, rate reduction, fixed rate, principal reduction, delinquent balance added to the loan amount, short sale, deed in lieu of, etc.).
