In times of financial difficulty, it can be overwhelming to keep up with mortgage payments. If you find yourself in such a situation, you can send a Sample Hardship Letter to Mortgage Company. This letter serves as an official request for temporary assistance to help you overcome your financial challenges. By providing your mortgage company with a clear explanation of your hardship and a proposed plan for repayment, you may be able to secure a temporary modification to your loan terms, a forbearance, or other suitable accommodations. To help you craft an effective hardship letter, we’ve compiled a collection of examples that you can tailor to your situation.
Sample Hardship Letter to Mortgage Company
Crafting a hardship letter to your mortgage company can be demanding, but it’s essential to convey your situation accurately and respectfully. Here’s a step-by-step guide to help you write an effective letter:
1. Introduce Yourself and Establish the Purpose:
Begin the letter by introducing yourself, stating your name and mortgage account number. Clearly express the purpose of the letter: to inform the mortgage company of your temporary financial hardship and to request assistance.
2. Explain Your Financial Hardship:
Provide specific details about the financial hardship you’re facing. This could include job loss, medical emergencies, family emergencies, divorce, or unexpected expenses. Be honest and concise, focusing on the event that has caused your financial difficulty.
3. Emphasize Your History of Timely Payments:
Highlight your consistent and timely payment history before the hardship occurred. Mention the number of years or months you’ve been making payments on time, as this demonstrates your commitment to fulfilling your mortgage obligations.
4. Outline Your Efforts to Overcome the Hardship:
Explain the steps you’re taking to overcome the hardship, such as seeking new employment, working additional hours, or implementing a strict budget. Show the mortgage company that you’re actively working to improve your financial situation.
5. Propose a Reasonable Solution or Request:
Clearly state the specific assistance you’re requesting from the mortgage company. This could be a temporary forbearance, loan modification, or repayment plan. Be realistic in your request and provide a timeline for when you expect to recover financially.
6. Express Your Commitment to Repayment:
Reassure the mortgage company of your commitment to repaying the loan once you’ve overcome the hardship. Emphasize that this is a temporary situation and that you’re dedicated to fulfilling your obligations as soon as your financial situation improves.
7. Provide Supporting Documentation:
Attach any relevant documentation that supports your hardship claim, such as copies of medical bills, termination letters, unemployment benefits statements, or proof of income reduction. These documents will help the mortgage company verify your situation.
8. Express Appreciation and Professionalism:
Conclude the letter by expressing your appreciation for the mortgage company’s consideration and understanding. Maintain a professional and respectful tone throughout the letter, as this will increase the likelihood of a positive response.
Remember, the goal of a hardship letter is to communicate your situation clearly and respectfully, demonstrate your commitment to repaying the loan, and propose a reasonable solution. Avoid making threats or accusations, as this will only hinder your chances of receiving assistance.
Sample Hardship Letters to Mortgage Company
Job Loss:
Dear [Mortgage Company Name],
I am writing to request assistance in managing my mortgage payments during this difficult time. Unfortunately, I recently lost my job due to the economic downturn caused by the COVID-19 pandemic. As a result, I am facing financial hardship and am unable to meet my monthly mortgage payments.
I have been a loyal customer of your company for [insert number] years and have always made my payments on time. I am committed to fulfilling my mortgage obligations, but I need some temporary assistance to get through this challenging period.
I would appreciate it if you could provide me with a temporary forbearance or modification to my mortgage terms. I am willing to provide any necessary documentation to support my request.
Thank you for your understanding and consideration during this difficult time.
Sincerely,
[Your Name]
Medical Hardship:
Dear [Mortgage Company Name],
I am writing to request assistance with my mortgage payments due to a recent medical hardship. In [insert month], I was diagnosed with a serious illness that has required extensive treatment and hospitalization. As a result, I have been unable to work and have lost a significant portion of my income.
I have been a reliable mortgage payer for [insert number] years and have always paid on time. I am committed to fulfilling my obligations, but the medical expenses and loss of income have made it extremely difficult to keep up with my mortgage payments.
I would appreciate it if you could consider a temporary forbearance or modification to my mortgage terms to help me through this challenging time. I am willing to provide any necessary documentation to support my request.
Thank you for your understanding and compassion during this difficult time.
Sincerely,
[Your Name]
Natural Disaster:
Dear [Mortgage Company Name],
I am writing to request assistance with my mortgage payments due to a recent natural disaster. In [insert month], a [insert type of natural disaster] caused significant damage to my property, making it uninhabitable. As a result, I have been displaced from my home and am incurring additional expenses for temporary housing and repairs.
I have been a responsible mortgage payer for [insert number] years and have always made my payments on time. I am committed to fulfilling my obligations, but the unexpected costs associated with the natural disaster have made it difficult to keep up with my mortgage payments.
I would appreciate it if you could consider a temporary forbearance or modification to my mortgage terms to help me through this challenging time. I am willing to provide any necessary documentation to support my request.
Thank you for your understanding and support during this difficult time.
Sincerely,
[Your Name]
Divorce:
Dear [Mortgage Company Name],
I am writing to request assistance with my mortgage payments due to a recent divorce. In [insert month], I finalized my divorce, which resulted in a significant decrease in my income. I am now solely responsible for paying the mortgage on our former marital home, as well as other expenses associated with the divorce.
I have been a reliable mortgage payer for [insert number] years and have always paid on time. I am committed to fulfilling my obligations, but the reduced income and additional expenses have made it difficult to keep up with my mortgage payments.
I would appreciate it if you could consider a temporary forbearance or modification to my mortgage terms to help me through this challenging time. I am willing to provide any necessary documentation to support my request.
Thank you for your understanding and consideration during this difficult time.
Sincerely,
[Your Name]
Military Deployment:
Dear [Mortgage Company Name],
I am writing to request assistance with my mortgage payments due to my recent deployment to active military duty. In [insert month], I was deployed to [insert location] for a period of [insert duration]. As a result, I am unable to work and have lost a significant portion of my income.
I have been a responsible mortgage payer for [insert number] years and have always made my payments on time. I am committed to fulfilling my obligations, but the loss of income due to my deployment has made it difficult to keep up with my mortgage payments.
I would appreciate it if you could consider a temporary forbearance or modification to my mortgage terms to help me through this challenging time. I am willing to provide any necessary documentation to support my request.
Thank you for your understanding and support during my deployment.
Sincerely,
[Your Name]
Injury or Disability:
Dear [Mortgage Company Name],
I am writing to request assistance with my mortgage payments due to a recent injury that has resulted in a disability. In [insert month], I was involved in an accident that left me with [insert injury or disability]. As a result, I have been unable to work and have lost a significant portion of my income.
I have been a reliable mortgage payer for [insert number] years and have always made my payments on time. I am committed to fulfilling my obligations, but the loss of income due to my disability has made it difficult to keep up with my mortgage payments.
I would appreciate it if you could consider a temporary forbearance or modification to my mortgage terms to help me through this challenging time. I am willing to provide any necessary documentation to support my request.
Thank you for your understanding and compassion during this difficult time.
Sincerely,
[Your Name]
Income Reduction:
Dear [Mortgage Company Name],
I am writing to request assistance with my mortgage payments due to a recent reduction in my income. In [insert month], my employer announced a restructuring that resulted in a [insert percentage] reduction in my salary. As a result, I have lost a significant portion of my income and am struggling to make ends meet.
I have been a responsible mortgage payer for [insert number] years and have always made my payments on time. I am committed to fulfilling my obligations, but the sudden reduction in my income has made it difficult to keep up with my mortgage payments.
I would appreciate it if you could consider a temporary forbearance or modification to my mortgage terms to help me through this challenging time. I am willing to provide any necessary documentation to support my request.
Thank you for your understanding and consideration.
Sincerely,
[Your Name]
Related Tips for Sample Hardship Letter to Mortgage Company
Here are some additional tips to keep in mind when writing a hardship letter to your mortgage company:
Be honest and upfront
Don’t try to hide or downplay your financial situation. Be honest about your circumstances and why you’re unable to make your mortgage payments. The more information you provide, the more likely your lender will be to work with you.
Be specific
Don’t just say that you’re having financial difficulties. Be specific about what caused your hardship. Did you lose your job? Did you have a medical emergency? Did you experience a natural disaster? The more specific you are, the better your lender will understand your situation.
Be timely
Don’t wait until you’re months behind on your mortgage payments to contact your lender. The sooner you reach out, the more likely you are to avoid foreclosure. If you’re already behind on your payments, make sure to contact your lender immediately.
Be prepared to provide documentation
Your lender may ask you to provide documentation to support your hardship claim. This could include pay stubs, bank statements, medical bills, or other documents that show your financial situation. Gather these documents together before you contact your lender.
Be persistent
Don’t give up if your lender initially denies your hardship request. Be persistent and continue to follow up with them. The more persistent you are, the more likely you are to get the help you need.
Consider getting help from a housing counselor
If you’re struggling to make your mortgage payments, consider getting help from a housing counselor. Housing counselors can provide you with free or low-cost advice and assistance. They can also help you negotiate with your lender and find a solution that works for you.
Conclusion
Writing a hardship letter to your mortgage company can be a daunting task, but it’s important to remember that you’re not alone. Many homeowners have found themselves in similar situations, and there are resources available to help you.
Additional Tips
- Keep your letter concise and to the point.
- Use clear and concise language that your lender will easily understand.
- Proofread your letter carefully before you send it.
- Send your letter by certified mail so that you have proof that it was received.
- Be patient. It may take some time for your lender to process your request.
FAQs on Sample Hardship Letter to Mortgage Company
Q: What is the purpose of a hardship letter to a mortgage company?
A: A hardship letter is a formal request to your mortgage company asking for a modification of your loan terms or a forbearance period due to financial difficulties.
Q: When should I write a hardship letter to my mortgage company?
A: You should write a hardship letter as soon as you anticipate difficulty making your mortgage payments. The earlier you reach out to your lender, the more options they may have available to assist you.
Q: What should I include in my hardship letter?
A: A hardship letter typically includes personal and financial information, such as your name, loan number, contact information, a detailed description of your hardship, supporting documentation, and a request for assistance.
Q: How do I demonstrate financial hardship in my letter?
A: Provide specific details about the event or circumstances that have led to your financial hardship, such as job loss, a medical emergency, a natural disaster, or a significant change in your income.
Q: What supporting documentation should I include?
A: To support your claim of hardship, you can include copies of pay stubs, bank statements, medical bills, proof of unemployment, or other relevant documents that demonstrate your financial situation.
Q: How can I increase my chances of getting a favorable response from the mortgage company?
A: Be truthful and honest in your letter, provide a clear explanation of your hardship, and be proactive in suggesting potential solutions or alternatives that could help you overcome the financial difficulties.
Q: Should I seek professional help in writing my hardship letter?
A: While it’s not necessary, you may consider consulting with a financial advisor, housing counselor, or an attorney specializing in mortgage issues. They can provide guidance, review your letter, and ensure that it effectively conveys your situation and request.
Thank You for Reading!
I hope this article was helpful to you. I know that dealing with mortgage companies can be a real hardship, but I hope that this letter will help you get the relief you need. If you have any questions, please feel free to leave a comment below. And don’t forget to visit again soon for more helpful articles like this one.