Hardship Letters

Serious financial hardship may make it difficult for people to stay current on important debts like credit cards, auto loans, and home mortgages. If a person falls behind on their monthly payments and is repeatedly delinquent on his or her debts, he or she may face severe consequences like collections, repossession, and foreclosure. Fortunately, there are steps people may take to keep important assets and repay their debts, even if they are still struggling financially.

People who have a steady income and are able to make payments on their home loan may take steps to modify their home mortgage. They may be asked to submit certain financial documents verifying income and debts and may be asked to write a letter of hardship explaining their financial struggles. For more information on hardship letters and mortgage modification, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.

Writing a Hardship Letter

When writing a hardship letter, it is important to:

• Identify the cause or causes of your financial struggles and why you are struggling to make your payments on time
• Write with emotion and make sure to describe your personal circumstances in a sympathetic manner
• Be sure to mention any medical issues, loss of income, and any life-altering events that may have caused the hardship
• Do not use the letter to make excuses for not making timely payments. Focus on the reasons for delinquent payments and how you plan to repay the loan with a modified mortgage plan

It is wise to consult an experienced mortgage modification lawyer if you have any questions regarding the process of modifying your loan and your legal options.

Contact Us

If you or someone you love is considering mortgage modification, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 today.