does anyone have a sample hardship letter in which the seller sends to the lender? Thanks.
Hardship letters come in all flavors. Just tell the homeowner, “I want to cry when I read your letter.” They’ll get the idea. It’s always better to have it be genuine, rather than showing them a sample and have them copy one.
THE HARDSHIP LETTER (Sample Only)
To Whom It May Concern,
Explanation of the events that caused you to get behind on your mortgage payments:
The following events have caused me to get behind on my mortgage obligations:
I was terminated from my employment at ABC Company on March 1998. I had no prior notice or warning that this would happen. Before I lost my job, my house needed major repair work on the roof. I exhausted all of my savings to have the work done so it wouldn’t cause any other damage to my home. As the receipts enclosed show, the total cost for the roof was over $2,600.00.
Explanation of what you have done to try to solve your situation:
Before I was able to locate another job, I tried to borrow the money from friends and family, but had no success. I also asked my church for assistance and was told the church would try to assist me if possible. Unfortunately, however, the church was unable to give me much assistance.
After my termination at ABC Company in March 1998, I was hired at XYZ Company on May 2, 1998. My annual salary is now $40,000.00 per year, which equates to about a 15% increase in my pay. I have also been able to obtain a part-time job working about 20 hours a week, paying me $8.00 per hour. (Please see the enclosed letters from both my full-time and part-time employers, indicating the dates I started working at each place, the hours I am expected to work per week, and my hourly wages for each new job.)
LMI suggested I contact a non-profit association to help me reduce my monthly obligations on my unsecured debt, which I have done. (I have enclosed verification of my new payments through USA Credit Counseling Services.) By taking this action, I’ll save about $180.00 per month on my credit card obligations, which will give me more money at the end of each month to put toward my mortgage.
If given the chance, I feel confident that I can maintain my mortgage payments and stay current. Again, I just want to advise you that my financial position has changed for the better. I have a new full-time job making more money; I have obtained a part-time job; and I have joined a non-profit group that has helped me with my unsecured debt.
I have eliminated unnecessary expenses; cut back on most of my other expenses; and established a budget by which I will live. Due to these actions, I can certainly maintain my mortgage obligation along with all my other monthly bills. My home is very important to my family and me; and I will do whatever my mortgage company suggests, within my financial means, to help me keep my home.
I thank you for your time and consideration,
John Q Public