How to Write a Hardship Letter
Help from a Nassau County Foreclosure Defense Attorney
Where you are having trouble making your mortgage payments, you are wise to seek a loan modification to obtain lower payments, tack arrearages onto the loan balance, waive penalties, and reduce the overall loan balance. In addition to providing detailed proof of income, you need to write a persuasive hardship letter.
You are also encouraged to contact a Nassau County real estate attorney to assure your loan modification request gets the respect it deserves. James J. Quail & Associates, P.C. proudly serves Long Island, Nassau, and Suffolk Counties.
What Should Be Included in a Mortgage Hardship Letter?
No matter how unscrupulous your lender has been, this is not the time to bring up the matter. Leave that for your attorney in negotiations. Your job in the hardship letter is to courteously appeal to the lender’s better nature to give you a break.
A hardship letter should therefore include necessary information to help accomplish the following:
- Identify yourself: The letter will first provide identifying data including your name, address, mortgage company and loan number.
- Seek help: You state that you are requesting that the lender review your situation to see if you qualify for an adjustment.
- State your hardship: You state you have been having trouble making your payments due to financial difficulties occasioned by one or more of the following situations: loss of work, reduced income, divorce, illness, military service, death of a family member, job relocation or other legitimate excuse.
- Give details: You provide specifics of your situation and emphasize that the situation was temporary and that you are now able to make payments.
- Show you can make stable payments: It is not necessary that you be able to make the full payments of the loan. If you can make reasonable payments of a certain amount, you still have a good case for adjustment.
How Do You Prove Financial Hardship?
It is important to be able to prove to the court that you have a substantial financial hardship in order to warrant such a request. Our experienced team is always ready to help walk you through this process?
What is considered financial hardship? Some common examples:
- Loss of job or income
- Separation or divorce
- Sickness or injuries
- Natural disasters
- Deployment in the military
Seek Assistance from a Nassau County Foreclosure Defense Lawyer
We assist clients in preparing hardship letters in the course of seeking loan modifications. In these efforts we have helped many stay in their homes though Bank of America loan modifications, Chase loan modifications, Wells Fargo loan modifications, as well as loan modifications with other lenders.