Fill and Sign the Hardship Letter Form

____________________ (Date) ____________________ (Company's representative) ____________________ (Company's name) ____________________ (Company's address) ____________________ (Company's phone number) RE: ____________________ (Home address) Account number: ____________________ (#) Dear ____________________ (Ms/Mr. Brown:) We have purchased our family’s home in ____________________ (date). Since then, as you know, our country has experienced one the biggest housing market crashes in history. This, combined with the rising food and gas prices and current slowdown in the economy, has affected our ability to pay our bills on time. Our adjustable interest rate mortgage payment has increased from ___________ ($) to ___________ ($) since we first purchased the house, making it especially hard to keep it current. And in the last couple of years our home has lost about ______ (ex. 55%) of it’s value making it difficult to refinance it since the equity we once had is now gone. In the last 3 months our family’s economic situation has gotten even worse because ____________________ (explain reason for financial hardship without being long- winded. Ex: job lay-off, death in the family, medical emergency-refer to list of reasons below) and we can no longer afford the new payments. At this point we are trying to avoid foreclosure and/or bankruptcy and get back on track and would like to discuss with you the possibility of getting a ____________________ (short sale, loan modification, refinance, repayment plan, reinstatement, forbearance, deed in lieu) that could be beneficial for both parties. Enclosed, please find copies of our financial statements. (include documents that offer proof of financial hardship: Copies of any unpaid bills and/or late notices you have received in the last 6 months. Including: credit cards, car payments, past 2 months of Proof of Income, including: paycheck stubs, social security, last quarter’s profit and loss statement if self-employed, past 2 years of income tax returns, and last 3 months of bank account statements.) We truly appreciate any effort you can make to help our family through this situation. Our home means a great deal to us and we desire to work with you to keep it out of foreclosure. We are anxious to reach an agreement and appreciate your prompt response. I/we, ____________________ (Home Owner Name/Co-signer Name), state that the information provided above is true and correct to the best of my/our knowledge. Sincerely, _____________________________ ______________________________ ____________________ (Printed Home Owner Name) ____________________ (Printed Co-signer Name) ____________________ (Home Owner Address) ____________________ (Account #) POOR REASONS FOR HARDSHIP REQUEST:  Legal Issues  Being a Student  Being Overextended  Threatening to File Bankruptcy  Medical Complications That Would Prevent Maintaining Employment GOOD REASONS FOR HARDSHIP REQUEST:  Adjustable Rate Mortgage Reset-Payment  Illness  Loss of Job  Reduced Income  Failed Business  Job Relocation  Death of Spouse or Co-Borrower  Death  Incarceration  Divorce  Fixed Income  Marital Separation  Military Duty  Reduced Income  Medical Bills  Damage to Property (natural disaster or unnatural) Sample first paragraph for loan modification request: I am writing to notify you that I am unable to continue making my mortgage payments of $ ____________________ each month. A recent ____________________ (job loss/death of my spouse/divorce, etc.) has made it impossible for me to meet this obligation. However, I would like to continue paying on my loan of ______ years and on which I still owe a total of $ ____________________ . I believe a restructuring of my loan can be mutually beneficial by reducing my monthly payments and increasing your profits from long-term interest.