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Financial hardship letter
1. Financial Hardship Letter
A financial hardship letter is one that is written to a
bank or financial institution to explain a person’s
financial troubles and to ask that creditor for a
remediation plan in order to keep a home from
being repossessed for non-payment. In fact think of
a financial hardship letter as an attorney for the
defense as you plead your case to the bank’s loss
mitigator and explain why you should be allowed
to stay in your home.
Facing the prospect of moving out of your family
home is a scary thought. In many cases the
homeowner has spent years in the home raising a
family and making his or her mark on that
structure. To lose it and make the children leave
their friends and schools is heartbreaking. A
financial hardship letter explains this point as well
as what you will do to help your cause. Do you
have a plan? Is there any prospect for a better job?
These are points that should be brought up in a
2. financial hardship letter.
Why should you spend s much time on a financial
hardship letter? Think of it this way: A loss
mitigator for a bank is probably tasked with a two
to three hundred cases. Just imagine reading that
many financial hardship letters. It’s a daunting task
and so for you to get quick results and not be mired
in with a few hundred possibilities you have to
make you financial hardship letter rise above the
pack.
The main points for a financial hardship letter
are:
1. Subject Line Request - Right off the bat let the
loss mitigator know what you are requesting.
2. Brevity – Don’t let your financial hardship letter
go on for page after page. Keep it as short as
possible.
3. Personal - Let the loss mitigator get to know
you and your circumstances.
4. Clarity – Get your points across in the clearest
possible way and then provide a summary.
5. Information – Make sure you leave nothing out
3. of your financial hardship letter. Attach important
information such as bank statements, cash flow
documents, income tax statements, letters of
reference, etc.
6. Be Appreciative – The person reading this
financial hardship letter did not get you into this
mess but he or she is the one that can help you out
of it. So be thankful and humble in your tone.
The financial hardship letter is not the only tool in
your chest for a financial reprieve but it is by far
one of the most important. So make it your prime
instrument when dealing with the bank and get it in
soon.
Click HERE to get instant access to the Easy Hardship Letters Kit