If you are trying to obtain a loan modification or other loan workout plan, then your bank’s guidelines are going to require that you write a hardship letter.
Believe it, or not, your mortgage lender is interested in the hardships you've endured that have led you to seek better terms on your mortgage loan. In fact, if you are facing foreclosure and looking for a loan modification, a letter explaining the hardships you've experienced is required.
The only certainty in life is uncertainty. Even in the face of uncertainty, everyone wants to be certain that they'll have their slice of the American Pie, which usually equates to a mortgage. At the peak of the housing market bubble, people were simply being approved for more American pie than their stomach or wallet could afford. The end result has been a staggering number of foreclosures.
If you're faced with foreclosure, writing a hardship letter for your mortgage company will be required if you are seeking a loan modification. Remember that every bank is different and what one might consider a great hardship letter, another might throw aside and not consider. The best way to get a well written hardship letter that will grant you the loan modification you're looking for is to hire a licensed foreclosure defense attorney and determine exactly what you should and shouldn't put in your hardship letter.