How to Write a Hardship Mortgage Modification Letter

When you have issues paying your mortgage due to a life change or general problems paying your bills, you can ask your mortgage lender for a modification. A mortgage modification is a change of your terms to make the loan more affordable. When you call to inquire about a modification, your lender may ask you to write a hardship letter in order to proceed.

Instructions

1

Ask the contact at your mortgage company for the contact name or department where you need to send the hardship letter as well as the full address. List the date, name and address of the lender at the top of your letter. List your property address and loan account number under the lender information.

2

Explain the purpose of the letter to begin the body of the letter. The purpose is to seek a modification of your current mortgage terms to make the loan more affordable for your needs.

3

Discuss your hardship in detail. Explain what circumstances have occurred that makes it difficult for you to make current payments (such as an employment change or excessive bills). Provide a bullet point list if you have more than one reason to discuss. Clarify exactly why you haven't been timely with mortgage payments .

4

Express your desire to get current with your mortgage again and developments that you believe will help you get back on track (such as an upcoming new job that may pay less but can cover a modified payment arrangement).

5

Provide information about any money you have saved up to put toward getting current on the mortgage if you're granted a modification.

6

Suggest the type of modification plan that would work for your situation. For instance, you can suggest a monthly payment that you can afford going forward. Attach a copy of a worksheet listing your budget (monthly costs and income) to back up your claims in the letter.