Hardship Letter

Writing a Hardship Letter seems like a daunting task. Consider this: your letter will be handled by a overworked and underpaid employee in the Loss Mitigation Department.  Along with your letter, there will be several hundred other hardship letters crossing their desk. Knowing that, your letter absolutely has to contain key information points, and should be kept to a maximum of one page.

Use paragraphs as an outline, addressing key points in each of the paragraphs. Start with an “event” – what was the cause of you falling behind on your payment. Follow by detailed financial information, such as you income and expenses. Remember keep it brief, a few paragraphs at most.  In conclusion be thankful and humble. You are NOT in a position to play blame games or point fingers. Thank the addressee for their time, and consideration.

You’ll likely have plenty of opportunities to speak with the Loss Mitigator. Treat the hardship letter as the first step in building a “relationship” with the assigned representative. A proper written letter is more than just  a requirement, it is an important  step in demonstrating personal responsibility.

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