Hardship Letter

Author : Bhavini Mali

A hardship letter is not one which you can send to anyone. It is for people who are experiencing financial instability in life. Hardships in life can come anytime. So it becomes very important to know how to write this type of letter. It is a letter, which is written for mortgage companies. It is particularly written in order to workout for due payments. It is normally used when accepting partial payments. If there are any delayed payments then it can be used as an apology.

If having a mortgage and facing difficulties with it, in this case one can write a hardship letter to appropriate financial institution or his/her bank. The body of this type of letter explains mainly, why payments cannot be continued. Writing a proper reason is very important. Some of most common reasons for not being able to pay include global financial meltdown, loss of job, reduced income, failed business, job relocation, prolonged illness etc.

It is very easy to write a hardship letter. You should be clear in mind about what you want to say. Try to make a list of things. One should focus on proper explanation about why payments cannot be continued. Name, complete address, mortgage company name and loan number should be specified at the top of your letter. Try and keep the opening statement as brief as possible. It should be to the point. Then write a short paragraph stating your current financial difficulties. Never forget to provide your signature at the end. This will tell the reader that whatever you have written is completely true. Try to make your letter a presentable document.

In your hardship letter you should assure the financial institution or bank that the current situation is not permanent and you can still clear your mortgage. Only thing you might require will be some more time.

More information and samples of hardship letter can be found at sample hardship letters.

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