Financial Hardship Letter
With the American economy in a recession and unemployment rates at an all time high, more and more Americans are facing repossessions on their vehicles and foreclosure of their homes. When facing a foreclosure, most families feel it is the end of the world and that there are not any options available. I know I did. When I ran into problems because I lost my job I was surprised to find there was plenty of hope for homeowners facing foreclosure. They just need to take the time to look.
One of these options is to write a financial hardship letter to your debtors. Writing a financial hardship letter will let your lenders know you and your family are in a bind, then your lenders can help direct you towards a homeowner assistance program to help you through this tough time.
Writing a financial hardship letter gave my lending company a clear idea of what my issues were. I also included a budget I had put together and gave them an estimated date of when I could start making my payments again. They worked with me and I am happy to report I was able to save my home.
