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What is a hardship letter?

April 26, 2017hardship letter

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What is a hardship letter?

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A hardship letter is a letter the borrower writes to the lender explaining why there are problems paying the mortgage. This letter should include the specific incidents that caused the inability to pay (losing your job, etc.) as well as dates and time frames. The letter will be kept by the lender and help alleviate the borrower explaining the situation over and over again with different lender personnel. The hardship letter will also be part of a lot of other documentation the lender will need in order to justify making concessions on the borrower’s behalf.