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What Is a Hardship Letter? A hardship letter is prepared by the consumer and sent to their creditors, explaining their circumstances regarding why they are unable to meet their commitments. Evidence supporting the situation should also be provided.
To request for special consideration, a person struggling with his or her finances uses a hardship letter known as a financial hardship letter. Commonly used by people who can’t make their credit card or mortgage payments, hardship letters are a way to seek leniency from lenders.
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Nov 19, 2021 · A hardship letter explains to a lender the circumstances that have made you unable to keep up with your debt payments. It provides specific details such as the date the hardship began, the...
A hardship letter helps address the lender with an earnest plea for special consideration in the event of your defaulting on your debt. It typically includes three essential points – describing your circumstances, explaining your efforts to overcome financial difficulties, and requesting special consideration.
Nov 27, 2023 · A hardship letter explains to a lender why your current financial situation prevents you from making payments and proposes a solution. Read on to learn more.
Mar 7, 2024 · A financial hardship letter is written by an individual to request temporary relief from an obligation due to extreme financial circumstances.
Apr 22, 2018 · Dear Sir or Madam: I am writing this letter to explain the unfortunate set of circumstances causing [situation, such as our mortgage to become delinquent]. Unfortunately I continue to fall short and would like you to consider [resolution, such as a short sale or a loan modification]. The main reason that caused [situation] is [hardship].
