Loan Mod Hardship Letter

[TylerDurden]

Thank you for your great advice and insight. Please let me know what you think of my hardship letter.

----I am writing this letter to explain the unfortunate circumstances that are going to cause me to become delinquent on my mortgage in the upcoming months and to ask you to work with me on a loan modification. Our number one goal is to keep our home and we would greatly appreciate the opportunity to do so. Some unexpected circumstances have put us in a position where we will soon be unable to make ends meet.

----I am the sole provider for my family as my wife has had chronic back problems resulting in the inability to work for the last five years and recent spinal surgery. I have had a substantial reduction in gross income (salary) of almost 40 percent. I also had surgery in December. Our medical bills have depleted our savings and increased our credit card debt. We are concerned we are going to fall behind on our mortgage payments in the near future.

----These tough financial times have required us to tighten our budget. We have eliminated almost every consumer expense and luxury resulting in only the necessities. We have even changed how we live to reduce those necessities such as utilities and groceries. Our frugal budget consists of mortgage, utilities, food, insurance, medical, auto fuel/maintenance, and credit card debt. Due to our diligent efforts, we know we can recover from this situation if given a chance. We strongly believe that a loan modification would benefit our family, secure our home, and ensure timely payment to Wells Fargo. I am confident I can continue to make on time mortgage payments with a mortgage PITI payment at 31 percent of my gross income.

----I have not been late or missed a payment on any mortgage I have ever had and I plan to keep it that way. I desperately want to keep my wife and twins in our home as we live on the same street as my wife’s brother, sister, and their families. I want to preserve my credit and good standing with you and keep this house for the rest of my life. Please consider us a candidate for a loan modification. I appreciate your time and attention to this matter, and look forward to working with you.

----Please see the attached financial worksheet, pay stubs, and bank statements.

[Evan Bedard]

Hi Tylerdurden,


Welcome and thank you for joining the forum..



Your hardship letter looks very honest and sincere and therefore it sounds like a great hardship. Good luck on keep us posted on your progress.

[Moe Bedard]

Looks great. I maybe would add that if you do not get a loan modification, you will have no choice but to be late out of survival instead of I plan to keep it that way. Sound just a bit more desperate because you are not late and it is hard to get assistance in your position.