A Hardship Letter for Loan Modifications is a document that can be used when an individual would like to change their loan conditions because their income has dropped. The purpose of the document is to inform the creditor about the individual's hardships and request that they modify the loan stipulations.
This letter is supposed to be prepared by an individual who has borrowed money soon after their income conditions have changed since their creditor (bank or another financial institute) might take some time to make a decision. A Sample Hardship Letter for Loan Modifications is available for download below.
In this letter, the individual should thoroughly explain what has affected their income to drop. However, submitting a Loan Modification Hardship Letter does not guarantee that the individual's loan stipulations will change. To convince the creditor, the individual must provide evidence and attach to the letter any documents that can confirm their words. These documents can include police reports, medical paperwork, and other records.
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