Writing a hardship letter is necessary especially if you are caught with an economic crisis. Here is an example of an economic hardship letter.
August 23, 2008
123 Ford St., Houston, TX
I am currently in a financial hardship due to a failed business, which I closed last month. I have not been able to pay you because my income has dropped since my business started failing on June 2009. With this regard, I can no longer keep up with the terms of the original loan.
I have been a loyal costumer of your company for the last four years and I would like to ask for a loan modification option. I am confident that my situation is temporary and will soon be able to make full payments again.
I would gladly appreciate any help you could provide me. Please feel free to call me if you wish to set an appointment regarding my account.