Profile picture for tamika256

Hardship letter

I wanted to post my hardship letter to get some feedback.

To Whom it may concern:


I am writing this letter to explain why it has become very difficult to continue paying my current mortgage. My number one goal is to continue paying my mortgage so I can stay in my home, and I'd really appreciate the opportunity to do so.


The following are reasons I eventually won't be able to continue paying my mortgage:

  1. Due to the current economic conditions, my overtime has been decreased since November of 2010. I've been looking for another job with a stable salary, but I haven't found anything as of yet.

  2. My mortgage with your company was interest only for 5yrs, and it is scheduled to increase from $1185 to $1385 in June of this year.

  3. I have a home equity line of credit. So every month the amount I pay varies.

  4. The value of my home has dropped by about 30%.

  5. I'm a single mother of two who doesn't receive child support.


Is it possible to reduce the percentage rate on the mortgage? If not, can the principal balance be reduced in such a way that my mortgage payments would decrease? I'm sure that I'll be able to pay the mortgage successfully if the monthly payments are reduced. Whatever solutions you have I am certainly welcome to hearing them.








  • January 15 2011 - Bolingbrook
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Answers (3)

Profile picture for wetdawgs

In my opinion, you've not presented a solid letter for hardship.  The only hardship I see is that you've not had overtime since Nov 2010, two or three months.   Several things you offer as hardship were choices, such as chosing an interest only loan, a home equity loan, children... how are these part of the hardship?

What are your mortgage expenses relative to income?  

Have you missed mortgage payments or are you just proposing to?

I'd recommend search for some example hardship letters on the internet

  • January 15 2011
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Rudi is correct, you'll want to be a bit more specific about your situation, like the specific dollar amount that your income dropped as a result of your loss of OT; and if you've gone through your savings, etc... Best of luck.
  • January 15 2011
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The most you could hope for is a temporary reduction in your payment. November to January is not a long time to declare a hardship. You have not mentioned anything about your assets. You need to include your expenses and income. You must be able to document your hardship.

Happy funding, Rudi
  • January 15 2011
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