Please note that we provide this information as a general guideline. It is Not legal advice. Sometimes the laws change so we cannot promise that this information is always up-to-date and correct. By providing this information, we are not acting as your lawyer or in any way, shape or form providing legal advice. Always consult a lawyer, if you can, before taking legal action.
A first step is to send the bank and or loan servicing company a “hardship” letter. While it is best to get the help of a legal advocate first, you may not have enough time. It is better to try this on your own than to do nothing. Send all letters by certified mail and keep the receipt.
Caution: The letter provided is for illustration only; you must compose your own letter; this is only to show you what one might look like.
1. Show that you have had an involuntary reduction in income or an unavoidable increase in expenses.
Examples of involuntary reductions of income:
Examples of unavoidable increase in expenses:
2. Include all the following in your letter:
Include a detailed budget and your plan for making payments in the future. Be realistic.