hardship loan modification, financial hardship letterIf you are behind the eight ball financially and are having a problem meeting your mortgage payment when it's due, think about calling your bank and asking them if there is anything they can do to help you out with your dilemma. If your payments have gone up or if you've lost an income stream, you might be able to write them a financial hardship letter that will get the ball rolling to start a loan modification for you. The lenders can do a hardship loan modification for you if you have lost your job or if you have had a cut in pay. All they need from you are a current and accurate letter describing your current circumstances. If you talk to them, they will tell you what to put in the letter. The banks do not want your home because they realize they will lose far more by foreclosing on it than if they modify your mortgage payments. A hardship loan modification may be just the thing you need to stay in your home and wait out this recession.