To Whom It May Concern:
This letter is aimed at formally following up on my application for the loan modification that I sent in to you last week. In the application is stated what we had along with what we are looking for, however, obviously does not described how exactly we got into such situation in which we are now.
There were severe reductions at my job in September and I was moved to a position which is lower paid whereas other people were laid off. I should be thankful, but the wage I get in this position is Ñ• of what I used previously to earn. It had gotten to a point when we were taking from our savings and gathering change in order to be able to do our mortgage payments and pay the bills. Threw months ago our interest rate decreased from 7.45% to 10.35% due to the fact that we were not been able to manage and do our payments in time since.
Therefore, I would like to ask our interest rate bedecreased to anywhere from 7.25% to 8.40%. We think this is a rational number to both parties. We have always been punctual with our payments before my new position at work and my wife is expecting for a raise next week. We have stronf desire to work with you and find a compromise that will satisfy both sides.
Sincerely,
Your Name
It’s essential to stick to the real facts in such types of letters, and this sample loan modification hardship letter does not swerve off from the point: the reason is that I simply am not able to afford the high interest rate in the financial situation that I suffer from now. Make sure you mention the reasons why you are having problems with your premiums and clear out whether there is no other way for you to allow to manage as you are now.
What is more, be sure to say about the rate you would like to have. Your lender is a busy person and doesn’t have time to think over every application and decide on the exact rates they want.
Deciding on the interest rate you’re looking for will give them even more reason to satisfy your requirements, because you have ddefined the interest rate you can deal with on your own. It also is a prove of the fact that you are worried enough to do the work todefine your ideal rate. Use this example loan modification hardship letter as a sample and work around it. A perfect letter will make all the difference.
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