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In Chapter 13 bankruptcy, a hardship discharge is a court-authorized elimination of debt when a debtor is prevented from completing the repayment plan due to financial hardship that arose while their case is open.
Because my income has dropped considerably I can no longer afford the terms of the original loan. As a loyal customer of your financial institution, I'd like to ask for the following: ? A lower interest rate amount of NO MORE THAN 6% ? Accept lower payments of $ _________ per month.
Example of a hardship letter I am writing to request financial hardship assistance with my credit card account. This letter gives you an overview of my financial hardship and the assistance I am requesting from your organization. I am also enclosing relevant documentation to support my request.
This letter should explain your current financial situation and why you're unable to make payments. It should provide specific details about the hardship, such as when it began, how it was caused and how long it may continue.
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.
Your hardship letter should include the following essential steps: Write an introduction. ... Detail your hardship. ... Highlight how you're being proactive about your financial situation. ... State your request. ... Provide assurance of financial recovery. ... Submit supporting documentation.