A Loan Modification Hardship Letter is a formal statement sent by the borrower to the lender with the intention to explain the financial difficulties the borrower has encountered and to request the modification of the loan to make it more affordable or create a more flexible payment schedule.
The lender must receive and review official documentation that proves your lack of means and challenging life circumstances before there are any amendments to your loan. If you are able to illustrate your point using bank statements, wage statements, and other documents that verify your inability to keep up with payments in accordance with your original agreement, the lender may grant you a loan modification. Do not ignore your problem and hope that the issue will solve itself - contact the lender as soon as you can to explain which hardship forced you to delay payments.
You can find a Loan Modification Hardship Letter template through the link below.
Pressing the PRINT button will only print the current page. Download the document to your desktop, tablet or smartphone to be able to print it out in full.