The Hardship letter is a very important aspect to any loan modification. This is the base for what the lender uses to determine the severity of a borrower's situation and make a decision on if that situation warrants help with their mortgage. Other than the numbers which go into the modification approval, nothing is more important.
Many people think the Hardship letter is not that necessary. They go online and find a template to use or they write a few sentences about what has happened to them without much care, while other's sweat over these letters for days trying to figure out what to do. The best thing to do if you need help with your hardship letter is to call Loan Modification 411 at (866) 437-9061 and ask the representative there for help.
The most important things in any Hardship letter are to be honest and truthful and very, very, detailed. Do not be afraid to use a little drama in your Hardship Letter. Your goal is to make the lender view you as a person and to set you apart from the other borrowers. Do not go over 1 page, but make sure you use that page to its entirety. Make sure explain that you love your home, you want to keep your home, but if you cannot get a modification you will walk away from your home. Explain you will have no choice, but if they just help you, you will be able to stay. Remember to make sure it is professional, correct, and most important, to sign your name with your real signature (don't type it) and also sign the date.
