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DST59 · 06-21-2009, 02:56 PM

Hi, I am having difficulty writing my hardship letter because I dont know what to say and what NOT to say. Here is my situation:

We own a small business, so there are no w-2's to show. I called and was told to just send hardship letter, bank statements and tax returns.

Our income is based on what we need....meaning we take a "draw" each month to cover our household bills, and that varies, and when the amount is too high, the business then goes without (gets behind in it's bills). We are not behind in the mortgage and have never been, but are struggling to keep up with the household expenses and the business expenses.

The hardship part is easy to explain, I have very specific things that have happened within the business and they are legitimate hardships. Our business is skating on thin ice now, and a reduction in mtge would go a long way to helping us save the business. We have cut out alot, dh got a part-time job, but we do have alot of cc debt (that we pay on time albeit minimum payments).

My question is, do I share this info with mtge company (that we COULD go out of business and end up jobless with NO income....not even unemployment)? On one hand, I want them to know that this is a real possibility so that they would want to help us keep our business (which in turn helps us keep our home), but on the other hand, would telling them that our business is in trouble scare them away from helping us because we would not appear a good risk?

I don't want to start this process of jumping thru hoops only to be turned down, so I want to start out right the first time by being very careful with what I say in the letter.....please help! Do I mention the possibility of going out of business or not? Thanks!

06-21-2009, 02:56 PM	#4 (permalink)
DST59 Member Join Date: May 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Help w/hardship letter-self employed pls read Hi, I am having difficulty writing my hardship letter because I dont know what to say and what NOT to say. Here is my situation: We own a small business, so there are no w-2's to show. I called and was told to just send hardship letter, bank statements and tax returns. Our income is based on what we need....meaning we take a "draw" each month to cover our household bills, and that varies, and when the amount is too high, the business then goes without (gets behind in it's bills). We are not behind in the mortgage and have never been, but are struggling to keep up with the household expenses and the business expenses. The hardship part is easy to explain, I have very specific things that have happened within the business and they are legitimate hardships. Our business is skating on thin ice now, and a reduction in mtge would go a long way to helping us save the business. We have cut out alot, dh got a part-time job, but we do have alot of cc debt (that we pay on time albeit minimum payments). My question is, do I share this info with mtge company (that we COULD go out of business and end up jobless with NO income....not even unemployment)? On one hand, I want them to know that this is a real possibility so that they would want to help us keep our business (which in turn helps us keep our home), but on the other hand, would telling them that our business is in trouble scare them away from helping us because we would not appear a good risk? I don't want to start this process of jumping thru hoops only to be turned down, so I want to start out right the first time by being very careful with what I say in the letter.....please help! Do I mention the possibility of going out of business or not? Thanks!