A loan workout is a series of steps taken by a lender with a borrower to resolve the problem of delinquent loan payments. Steps can include rescheduling loan payments into lower installments over a longer period of time so that the entire outstanding principal is eventually repaid. One of the items lenders often ask for during the loan workout or loan modification process is a hardship letter. A hardship letter is a written explanation as to what has caused you to fall behind on your mortgage. Some of the hardships that that lenders consider during the loan workout process are the following: Illness; Loss of Job; Reduced Income; Failed Business; Job Relocation; Death of Spouse or Co-Borrower; Incarceration; Divorce; Military Duty; and Damage to Property (e.g., natural disaster or fire).
Georgia Request to Lender or Loan Servicer for Loan Modification Due to Financial Hardship - Requesting Change to Fixed Rate of Interest of Adjustable Rate
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FAQ
How To Write A Hardship Letter: 7 Tips Include Accurate Contact Information. ... Be Personal, But Keep It Semi-Formal. ... Keep The Letter Short And Concise. ... State The Problem. ... Provide Enough Documentation. ... Include An Action Plan. ... Have Your Letter Reviewed Before Sending.
Lenders may use them to determine whether or not to offer relief through reduced, deferred, or suspended payments. Hardship Examples. ... Keep it original. ... Be honest. ... Keep it concise. ... Don't cast blame or shirk responsibility. ... Don't use jargon or fancy words. ... Keep your objectives in mind. ... Provide the creditor an action plan.
To Whom It May Concern: I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan.
Sample Loan Modification Letter I am writing to request a loan modification in order to continue making payments on my loan. The account number is . Based on my and expenses, I cannot make my loan payments. In place of my payment of per month, I ask that you alter my payments to , which will be paid .
You're at least one regular mortgage payment behind, or a missed payment is imminent. You've incurred significant financial hardship, for reasons including: Long-term illness or disability. Death of a family member (and loss of their income)
Once your loan modification application is approved, your lender will officially notify you in writing. Lenders usually offer a trial payment period (TPP) as part of this notification. If your lender offers you a TPP, you will go through that trial period before moving forward with your mortgage modification.
A modification typically changes the loan's rate or term (or both) to make monthly payments more affordable. Borrowers seeking a modification have to provide proof of hardship to their mortgage lender or servicer. Unlike forbearance, loan modifications are a permanent solution.