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Hardship Letter - Mortgage Restructuring Loan, Loan Restructuring

Use this sample hardship letter to ask for a mortgage loan restructure. 

A hardship letter is a document that must be created in your own words. Basically you want to get across to the bank that you did experience a hardship but are looking to resolve the situation with their help. I would also include if you saved any money that you are willing to put that towards a good faith deposit. Also include the new mortgage payment you can afford. Note: DO NOT CUT AND PASTE THIS LETTER. It is an example only, and must be in YOUR WORDS.

The basic premise of this letter is:

This letter is part of our loan restructuring article. We have other sample letters to handle a variety of credit situations. Here is the list.

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To Whom it May Concern:

I am writing this letter to explain why I am currently facing foreclosure on my mortgage to you.

I am very distressed that this has ever happened to me, but I was <laid off>, <seriously injured>, <going through a death in family> . The circumstances drained my carefully put aside savings and in order to provide for my family I was forced to choose between mortgages payments and food. My financial advisor told me not to tap into my 401K.

This is a very embarrassing to me, I have always prided myself in paying on time, and I have taken steps to put away money in my savings account to guard against other unforeseen occurrences like this. I guess I just did not put away enough. As a good faith payment, I would be willing to do a partial distribution from my 401K towards the loan restructuring. Staying in my home is very important to myself and my family.

My wife and I have sat down together to review our finances and believe we could safely accommodate a payment of $1875/month over 30 years should you approve our loan restructuring.


Your Signature

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