financial hardship letter, hardship letter to stop foreclosure  Financial Hardship Letter

 Recently I had to sit down with my wife and discuss our financial situation. It wasn't exactly dire, but with the economic downturn, we were facing some hard months ahead. For the last two months we have been living off of savings and credit cards as I got laid off from my corporate job. I had been actively seeking a new job, but the economic pressures are not helping. With our mortgage two months behind, we didn't want to let it go too far before letting them know. We decided to write a financial hardship letter to the mortgage lender.

 Writing that hardship letter to stop foreclosure was the best thing we could have done. We were able to talk with someone and enter into a hardship loan modification. This is an arrangement that temporarily ceases any foreclosure proceedings and helps us get back on our feet. We did have to give them a date when we could begin mortgage payments, but with a few months to get back on our feet, writing a financial hardship letter was a great decision.

 The relief I felt about not losing our home was wonderful. Now I could concentrate on getting our lives back on track.