Hardship letter??

I think that hardship letters should be written from scratch and most importantly from the heart. Any company that receives what appears to be a form letter probably won't pay much attention compared to a scratch letter. Just my opinion anyway!

Thanks. Do you know which address we should send them to? Is it the one on the back of th card?

if you look at your statement there should be a "correspondence" address listed.

Welcome to the Community :D I was able to do a hardship program for me and my husband and also my son, but I didn't send a letter, I called.

I had to call several times,sometimes I called once a day, until I got someone that would work with me. I explained that I wanted to pay them off, but couldn't, due to the circumstances, and told them what they were.

They put me on their hardship program which lasted a year ,one was a little longer. I had two drop the interest for the year, and lowered my payments.

If you do get on this type of program, be sure that you will be able to make the payments and make them on time, or they will drop you.

I finally was able to get them all paid off, but it took a while. Good Luck to you..karen

Does a hardship program affect or show up on the credit at all?

As a general rule, hardship program enrollment does not effect the credit score.
Further, if you were behind a month or 3 prior to establishing hardship plan, many creditors will reage with 6 months of consistent payments (remove lates). Some will tell you this upfront and some you will have to solicit to see if they will offer.

Mileage may vary.

Thanks all. I am not trying to get into a hardship program. I am attempting to settle my debt at a much lower rate due to hardship.

Thanks!

SE, thanks for the info...

Well, I called BOA again to try to lower my APR some more. They hicked it up from 8.9 to 20.9 several months ago and just noticed it. Got it down to 18% but no luck any lower. They refered me to a money management company. I'm wondering if this is a hardship program or just like Take Charge America...

Hardship letters are important there is no doubt about that. More important then finding a hardship template is understanding what your lender is looking for and also what not to do.


One thing you should always do when seeking advice such as this is to check many sources and compare answers. this is usually pretty easy as there are many site s on debt solutions. here is a quick list of ones i like...
HopeNHousingOrg
loansafeOrg
Zillowcom
.DebtConsolidationCare.

if i can't work they pay my monthy payments

Writing hardship letters does not have to be difficult, but you need to know what your lender is looking for. Many homeowners simply do not understand the basics of writing an effective hardship letter and this is costing them their homes.

The main points for a financial hardship letter are:

1. Subject Line Request - Right off the bat let the loss mitigator know what you are requesting.
2. Brevity – Don’t let your financial hardship letter go on for page after page. Keep it as short as possible.
3. Personal - Let the loss mitigator get to know you and your circumstances.
4. Clarity – Get your points across in the clearest possible way and then provide a summary.
5. Information – Make sure you leave nothing out of your financial hardship letter. Attach important information such as bank statements, cash flow documents, income tax statements, letters of reference, etc.
6. Be Appreciative – The person reading this financial hardship letter did not get you into this mess but he or she is the one that can help you out of it. So be thankful and humble in your tone.

The financial hardship letter is not the only tool in your chest for a financial reprieve but it is by far one of the most important. So make it your prime instrument when dealing with the bank and get it in soon.