I have noticed many people searching for a template to construct a sample mortgage hardship letter to their Mortgage Company so they can modify their loan repayments. So i’m providing two here as a samples or templates you can use.
You don’t have to use this exactly, and actually it’s probably best to modify this version to suit your current circumstances. So this is just an idea of what to write, you don’t need to make it a novel covering every aspect of your hardship. Just outline that major points and issues, include some basic income and expense figures along with your name, address and contact details. Also if you have a Mortgage or Customer number, include this so it’s easier for your lender to look up your information in their database.
Here is the first, this is using Country Wide as an example and is more of a typical Hardship Modification letter. The second is to Ocwen and is a request for a payment plan to pay off a lump sum debt due to fee’s or prior late payments.
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Countrywide Home Loans
123 Sample St
Very Long Beach CA 99543
May 10, 2008
Dear Sir or Madam,
I am writing to ask for your help. Circumstances beyond my control recently caused my life to change. Two years ago when I bought my dream home, my wife, kids and I were happy to be living in Minnesota, and everything was going well.
A couple of months ago, my company downsized and I was laid off. I was out of work for six weeks, and have since found a new job. However, I now make $800 less per month than I did with my old job.
Also, my wife has had a recurring medical problem. Not only am I saddled with medical bills not covered by my insurance, but we are now spending an additional $700 per month on prescriptions that we did not anticipate.
The bottom line is I cannot continue to make the payments on my house in Minnesota once the payment adjusts up in July of this year.
With my reduced income, and additional unexpected expenses, I am simply looking for a way to work this out and keep my home.
Currently, we can afford to keep our home and make the payments. But with an additional $375 per month once the payment adjusts, we will be unable to meet all of our monthly financial obligations.
Please let me know what we can do to work out a payment plan that is mutually beneficial to all of us. My phone number is 555-123-4567.
Your consideration is greatly appreciated.
Sincerely,
John Smith
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Ocwen Financial
123 Happy St
Any Town CA 94343
May 10, 2008
Dear Sir or Madam:
I am writing to ask for your help. Circumstances beyond my control recently caused my life and income to change.
My wife was laid off for the past six months, and the subsequent loss of her income has caused us to fall behind on our payments.
However, she has since found a new job, and is now making about the same amount as she did before.
We have the financial ability to keep our home and maintain our monthly payments, but we simply cannot come up with a large lump sum to cover all of our back payments and fees.
We are requesting some assistance from the Loss Mitigation Department. We have the ability to make our payments, and can add a little each month to slowly payoff our back payments. But we need your assistance.
Please let me know what we can do to work out a payment plan that is mutually beneficial to all of us. My phone number is 123-456-7890.
Your consideration is greatly appreciated.
Sincerely,
John Smith
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Hopefully this will help, also you will see two links below which countains some basic information regarding what a hardship letter is as well as a Disability Hardship sample for situations where your repayment ability has been effected by injury.
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