A financial hardship letter for mortgage companies or banks is a letter you send to your financial institution explaining why you are no longer able to make the payments on your house and indicate exactly what happened to cause your payments to fall behind.
Sample Seller’s Hardship Letter
To Whom It May Concern:
This is a very difficult thing to write. I have always been able to pay my debts in the past and am truly sorry that I cannot do so now.
I lost my job as a manager for a large home improvement company. I have been unemployedfor six months. I have been receiving unemployment benefits. However, my unemploymentcheck replaces about one quarter of my previous income. My wife is a stay‐at‐home momresponsible for our four children. Wehave both been looking for employment. We haveexhausted our savings. Our credit cards are maxed out and we are in the process of filing for divorce.
We can no longer afford to make the $1,800 monthly mortgage payment on our home. We arecurrently five months behind and see no way to make up the $9,000 in back payments. Our realestate taxes are also due and we have no way to pay those either.
We have agreed to sell our property for $375,000. It has been on the market for over 60 daysand this is the only offer we have received. We want to avoid a foreclosure sale that will further damage our credit. We respectfully request that you consider this offer and work with our agent to negotiate a short‐sale transaction.
We have exhausted all of our options and the only next step is letting the property go to foreclosure.
Sincerely,
Daniel and Sandy Smith
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