4 Tips for Writing a Hardship Letter

Millions of people have fallen on hard financial times, namely because of the struggling economy and high interest rates on everything from mortgages to credit card debts. Due to the down economy, some people may have to face unfortunate consequences such as foreclosure. However, there are often alternate routes that people can choose to avoid these situations, such as mortgage modification.

If you apply for mortgage modification, you may have to write a hardship letter that details your financial struggles. Knowing the basics of writing hardship letters can help increase your chances for receiving authorization to modify your mortgage payments. If you have questions regarding mortgage modification or hardship letter composition, contact the experienced Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today at 443-546-4608.

Hardship Letter Basics

There are certain things that your hardship letter should accomplish in your quest for mortgage modification. A well-written hardship letter can make a major difference in your application for mortgage modification. A hardship letter should achieve the following:

• Detail your financial situation, explaining your struggles
• Detail your current and projected income
• Create an emotional appeal
• Avoid making excuses for not making payments

Knowing how to navigate the process of mortgage modification can help you achieve greater financial freedom, and a well-written hardship letter can be the first step to a successful mortgage modification agreement.

Contact Us

If you or someone you know is negotiating mortgage modification and would like to learn more about a hardship letter, contact the knowledgeable Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., today at 443-546-4608.