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Q: What should I include in my hardship letter for a loan modification?

  • HAMP government program explanation, eligibility links, calculators and more

Question: What should I include in my hardship letter for a loan modification?

Answer: Many homeowners get unduly anxious about writing their hardship letter because they think it has to be a big essay.

Really, the hardship letter is simply a tool the bank/loan servicer will use to quickly pass your application up the chain of command (or to reject it and move on if yours is a mess).

It should only take you 10-15 minutes to write your letter and just get right to the point.

According to loan modification expert, Mike Rockwood, you should follow these Do’s and Dont’s for hardship letters:

1. DO this quickly

2. Do NOT try to be poetic or literary

3. DO hand write, or at least hand sign and date your letter.  Mike has some handwritten letter secrets in his loan modification workbook. Click here to check it out if you want

4. Do NOT ask for a specific interest rate, that’s not how it works (you need to ask for a specific, ideal monthly payment and let the bank do the math)

5. DO include hardship details like illness, loss of job or wages, or death in the family

6. Do NOT include every bad thing that happened to you in the past year

7. DO write just one page maximum

Mike Rockwood has modified five of his own loans, including his personal residence and investment property. He has created a top-notch workbook to walk you through the steps of fighting to get the best terms on your loan modification.

Click here to get proven help with your home loan modification

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