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The most common examples of hardship include:Illness or injury.Change of employment status.Loss of income.Natural disasters.Divorce.Death.Military deployment.
How to Write an Effective Hardship LetterPart 1: Explain what happened and why you are applying.Part 2: Specifically illustrate the time and severity of the hardship.Part 3: Back up the reasons traditional remedies won't work.Part 4: Detail why you are stable enough to succeed with a modification.More items...?
What Is a Hardship Letter? 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 cause and how long you expect it to continue.
There should be a single line of space between the recipient's address and this greeting. Compose the first paragraph in the body of the letter by briefly introducing yourself. Even if you have cooperated with the HOA before, state your full name, your address and how long you have lived in the community.
Tips for Writing a Hardship LetterKeep it original.Be honest.Keep it concise.Don't cast blame or shirk responsibility.Don't use jargon or fancy words.Keep your objectives in mind.Provide the creditor an action plan.Talk to a Financial Couch.