Hardship letters are short overview of how one has arrived at a difficult financial crossword. Many a times, it is because of mounted bills, a job layoff, a serious setback or marital conflicts like divorce. Sometimes, it might be written to the creditor to ask for some leniency. This letter is vital in the sense that it explains why a person is unable to pay off his debts, car loans or other major loans. It is the first coactive step that a borrower must take in the quest for assistance and compensation from the lender.
When writing a hardship letter, the following things should be kept in mind:-
- This kind of letter is not of the top priority on the lender’s agenda. Hence, the writer should keep in mind that a specific reason should be given for the arrearage, but there should be no sign of complaint in the letter.
- The letter should be the point and concise.
- One should be honest and sincere in writing the contents of the letter.
- Any supportive document should be attached with the letter that can prove the writer’s point.
- Lastly, be sure to thank the lender for their time and cooperation. This kind of letters is very important when it comes to saving the home from foreclosure.
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