If you are a homeowner going through the foreclosure process, you will likely have to write a hardship letter at some point.
Are you trying to stay in your home by getting your lender to agree to a loan modification or a repayment plan?
Are you trying to get out from under your home by selling it to someone else or giving it back to the bank?
If so, you will have to write a hardship letter. As a matter of fact, the only times you will not write a hardship letter are if:
1. You refinance your way out of foreclosure
2. You bring your mortgage current through some kind of financial miracle
3. You do nothing and simply let the foreclosure process push you out of your home
The problem many homeowners have with writing a hardship letter is they stray off target and wander into the world of "what ifs" and "if onlys." This does nothing for you except get your loss mitigator to roll their eyes in frustration. The single biggest thing you must do to write a successful hardship letter is set a goal for the letter and then relentlessly focus your writing to reach that goal.
Know Your Audience
Whether you are writing a personal letter, a business letter, an advertising piece, or a note to your husband, you have to write it in a way that appeals to your audience. You have to take their needs and desires into consideration. And I think you'll agree that when you're writing an even mildly persuasive letter (like a hardship letter), these considerations must play an even bigger role.
What is important to know about the audience for your hardship letter?
Do you think it is important to know they spend 8 - 12 hours a day on the phone dealing with unpleasant situations?
Is it relevant that they probably have from 200 - 1000 cases at a time?
Would it be helpful to know they work in an atmosphere that only cares about the numbers in a proposal and is extremely risk averse?
Set Your Goal
Now that you have a better picture of the person you are writing and the type of environment they work in, you can begin to set the over-arching goals for your letter.
Regardless of your situation, there are only two possible goals once you have fully considered the facts above.
1. Explain your situation
2. Propose a workable solution to your situation
Anything else is overkill. It's asking the hardship letter to do something it's not designed to do and something your lender's processes won't allow it to do.
Focus Relentlessly on Your Goal
Now that your goals are crystal clear, you just need to write. Try to keep it short...a single page is best. But most of all, keep it on target so you hit your goal.
After you have finished writing, go back through and edit it keeping in mind your two goals. If what you say doesn't support those goals, change it or delete it until it conveys the message you want to send.
Remember, your hardship letter is just the beginning of your conversation with your lender. You will turn it in with a whole package that further explains your situation in detail...so don't do that in your letter. Once your lender gets your hardship package, they will call you to continue the conversation.
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