Reduced Income Hardship Letter
The purpose of a hardship letter is to (a) get the attention of a key person at the lender; (b) convince this person that you need their assistance; (c) present a proposal that is workable where the numbers make sense. This following sample letter is only an example. If and when you use it, customize the letter to your unique situation.
Reduced Income Hardship Letter Sample:
Your Name
Your Address
Lender Name: (Your Lender)
Loan #: (your Loan #)
To Whom It May Concern:
I/We, (Your Name), are requesting that you review my financial situation to see if I/We qualify for any workout option.
I/We are having problems making my monthly payments because of financial difficulties created by reduced income.
This difficulty or situation happened on or about this (enter date). I/We believe that my/our situation is (temporary or permanent).
A brief account of the situation and our proposal follows: (explain your situation… include a scenario that could work and when you can afford to make payments again)
I/We, (your name), state the information provided above to be true and correct to the best of my/our knowledge.
Sincerely and Respectfully,
Borrower’s Signature
Date
Co-Borrower’s Signature
Date
Reduced income hardship letter, delinquent payments.
