This article was co-authored by Ryan Baril. Ryan Baril is the Vice President of CAPITALPlus Mortgage, a boutique mortgage origination and underwriting company founded in 2001. Ryan has been educating consumers about the mortgage process and general finance for almost 20 years. He graduated from the University of Central Florida in 2012 with a B.S.B.A. in Marketing.
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A hardship letter is a key factor in getting approved for a loan modification program. If you can write a polite and accurate hardship letter, you may be able to convince your lender to give you another chance to repay your loan. However, writing such a letter can be intimidating for money borrowers, as they are unsure of what exactly to write and how much of their story to include. Lawyers can usually write one of these letters for you, but at too large a cost for a borrower experiencing financial hardship to afford. Luckily, writing your own hardship letter can be a simple process if you follow the steps below.