What should I put in a hardship letter for a loan mod?

Good Morning! You need to describe your personal financial situation from the time you received the original loan until this point in time. You are requesting a reduction in rate presumably and as such, you should have a hardship that is easy to explain and document, such as loss of a job, reduced hours from work, etc. Dot the I's and Cross the T's and supply as much back up / supporting documentation as possible. For example, if you had your hours cut down at work 6 months ago and needed to start pulling money from your savings account to stay current, I would show the 6 months of bank statements to show the transfers of funds from your savings to your checking. The end result was that you were doing all you could to stay current and drawing down your savings account to do that. If you have any specific questions, please send me a message offline. Good Luck!

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