Hardship letter for mortgage is written to the lender by the borrower to provide information regarding the hardship, financial issues and inability to pay for the mortgage. The letter must also mention the help or the assistance needed by the borrower. A sample letter is given below for reference.
Sample Hardship Letter For Mortgage:
The Bank Manager
5th July 2014
Subject: Hardship Letter for Mortgage
I am hereby writing this letter with reference to my mortgage account with you bearing number ASB1122. I am yet to pay mortgage payments for the last 4 months on this account. While I am trying my best to make all the payments as I want to have our home but I am unable to do so on account of the financial problems being faced. I am therefore writing this letter to request your assistance in helping me work through a modification in mortgage conditions.
For the past 5 months the financial situation of my family has not been good. I was fired from my company due to recession going in the market at present. Despite my efforts, I was not able to find a new job until last month. Additionally, my wife is diagnosed with brain tumor which left me with huge medical and insurance bills.
I have used the unemployment benefits and my savings to pay the mortgage for the first 3 months but quickly found myself unable to make further payments and have fallen further and further behind. While I cannot immediately pay what I owe you, I do intent to pay the full amount. However, I will need your assistance to develop a plan to help me achieve this. I would appreciate your help in working out a reduction of the amount I owe the bank so that I can keep my home. I appreciate your time and willingness to help me.