A “Sample Letter to Mortgage Company About Hardship” is a letter. It explains why you are struggling to pay your mortgage. Life throws curveballs. You might face job loss, illness, or unexpected expenses.
This article offers help. We provide sample letters. They can guide you. These samples will make writing your own letter easier.
Use these samples as a starting point. Tailor them to your specific situation. Let’s get started.
Sample Letter To Mortgage Company About Hardship
[Your Name]
[Your Address]
[Your Phone Number]
[Your Email Address]
[Date]
[Mortgage Company Name]
[Mortgage Company Address]
**Subject: Request for Assistance – Account Number [Your Account Number]**
Dear [Mortgage Company Contact Person or Department],
I am writing to explain my current financial hardship and request assistance with my mortgage payments for the property located at [Your Property Address].
Recently, [briefly explain the reason for your hardship – job loss, medical expenses, etc.]. This situation has significantly reduced my income and made it difficult to meet my monthly mortgage obligations.
I am committed to keeping my home and am actively seeking solutions to improve my financial situation. I am [mention any steps you are taking – seeking new employment, reducing expenses, etc.].
I would appreciate the opportunity to discuss possible options such as a temporary reduction in payments, a forbearance plan, or a loan modification. I am available to provide any necessary documentation to support my request.
Thank you for your time and consideration. I look forward to hearing from you soon.
Sincerely,
[Your Signature]
[Your Typed Name]
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How to Write Letter To Mortgage Company About Hardship
Subject Line: Concise Clarity
- Start with “Hardship Assistance Request” followed by your loan account number.
- A lucid subject line ensures your letter isn’t overlooked amidst the deluge of daily correspondence.
- Example: “Hardship Assistance Request – Account #1234567890”
Salutation: A Formal Overture
- Address the letter to a specific individual if possible. Research the loan servicer or hardship department.
- If a name is elusive, use “Dear Mortgage Assistance Department” or “To Whom It May Concern.”
- Maintain a professional tone. Avoid overly casual greetings.
Introduction: The Crux of the Matter
- Immediately state your purpose. Be upfront about the hardship you’re facing.
- Identify yourself as the borrower and include your property address and loan account number.
- Briefly allude to the nature of your hardship—job loss, medical emergency, etc. Provide just enough information to pique their interest–details come later.
Body Paragraphs: Elaboration and Substantiation
- Elaborate on the hardship. Explain the circumstances with candor and specificity.
- Include dates, names, and relevant details. Quantify the impact on your finances.
- Provide supporting documentation: pay stubs, medical bills, termination letters. These are critical for substantiating your claims.
- Outline steps you’ve taken to mitigate the situation. Demonstrate proactive engagement in resolving your financial predicament.
- Request specific assistance—forbearance, loan modification, etc. Articulate your desired outcome clearly.
Financial Overview: Transparency is Paramount
- Provide a succinct overview of your current financial situation—income, expenses, assets, and liabilities.
- Use a simple table or list to present this information in an accessible format.
- Demonstrate your ability to manage finances responsibly while acknowledging the temporary setback.
Proposed Solution: A Constructive Approach
- Suggest a feasible repayment plan or alternative arrangement.
- Show you’ve considered your options and are committed to fulfilling your mortgage obligations.
- Be realistic. Propose a solution that benefits both you and the mortgage company.
Closing: Cordial and Proactive
- Express gratitude for their consideration and willingness to assist.
- Reiterate your contact information (phone number, email address).
- Indicate your availability for further discussion and provide a timeframe for when you can be reached.
- Use a professional closing: “Sincerely,” or “Respectfully,”
- Sign your name and include your typed name below.
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Frequently Asked Questions: Hardship Letters to Mortgage Companies
Understanding the process of writing a hardship letter is crucial when facing financial difficulties that affect your ability to pay your mortgage. This FAQ section addresses common queries to help you navigate this process effectively.
What is a hardship letter and why is it important?
A hardship letter is a formal explanation to your mortgage company detailing the financial difficulties preventing you from making timely mortgage payments. It’s important because it initiates a dialogue with your lender and can open doors to potential assistance programs like loan modifications or forbearance.
What information should be included in a hardship letter?
Your hardship letter should include your loan number, contact information, a clear explanation of the hardship event (e.g., job loss, medical expenses), dates when the hardship began, your current financial situation, and your proposed plan for resolving the issue. Also, include any supporting documentation, such as medical bills or termination letters.
How formal should the tone of the letter be?
The tone of your hardship letter should be formal, respectful, and professional. Avoid emotional language and focus on presenting the facts of your situation clearly and concisely.
What kind of assistance can I request in my hardship letter?
You can request various forms of assistance, such as a temporary reduction in payments, a loan modification, a forbearance agreement, or other options the lender may offer based on your specific circumstances.
How should I submit my hardship letter to the mortgage company?
Check with your mortgage company for their preferred method of receiving hardship letters. Common methods include certified mail, email, or uploading it through their online portal. Sending it via certified mail provides proof of delivery.