Writing HARDSHIP LETTERS - Tips, Samples, Templates

[?] Subscribe To
This Site

HARDSHIP LETTERS - Tips, Samples, Templates

A hardship is when circumstances cause severe discomfort or lack of necessities of life and requires great effort to overcome.

Hardship letters are often used to explain to your creditor about your economic setback and the reasons why you are no longer able to keep up financial obligations.

These type of letters are being used today by people of all walks of life from homeowners to executives.

Hardship letters are intended to be used as the first step in a debt settlement negotiation with your creditor.

In addition to the different forms each lender require, they also generally need recent pay stubs, 2 months of bank statements, 2 years of past tax returns and a hardship letter.

Lenders require a hardship letter for most real estate short sales to get approved.

When writing the your letter...

Explain the circumstances that led to your inability to make payments or to pay off the loan in full. Such as: loss of employment, loan adjusted, medical condition, or a combination of factors.

It is important for the bank to know what you did to try and solve the problem, like borrowed or accrued other debt to keep current on your mortgage.

Be sincere and truthful. Banks may choose to check out any and all claims made by you.

Paperwork often gets lost. Don't forget to include the loan number.

For short sales: bring the purchase and sale agreement.

Offer a solution for the problem.

Short sale is when a lender agrees to take a discount on the loan of a property that is being foreclosed. Some banks will not agree with the discount, but most lenders actually encourage borrowers to work out a short sale rather than going through the full foreclosure proceedings.

Use Hardship Letter Sample as a guide only, deleting any information that does not apply to your situation and adding your personal information as needed.

Sample Letter to Creditor

Mortgage Hardship Sample Letter

Credit Card Hardship Sample Letter

Sample Proof of Income Letter

Free Household Budget Planning Form

Return from Hardship Letters to Home page.

DISCLAIMER: The law will vary depending on your state, jurisdiction and the specifics of your case. The information provided by Consolidate-Credit-Card.Net is intended for educational purposes only. All the content on this website should NOT be considered professional advice or a substitute for professional advice. For such services, we recommend getting a free initial consultation by a licensed debt counselor in your state.