An individual writes a hardship letter when he has financial difficulties. This letter is used to convey that the person is going through difficult times and he will not be able to pay the debt. This letter is written to give out the reason of not paying the debts. You have to enclose financial documents like salary slips, IT returns, etc. to prove your bad financial status. The letter should mention all the facts about the financial problems you are going through.
The letter has to be short and concise. The letter has to clearly state the problem that led to the specific financial situation. At the end make a request that will help you to come out of your financial debts. You have to be humble and not blame any one for your financial problems and thank the bank of mortgage house in helping you at the end of the letter.
Date: May 19, 2007
Dear Ms. Edwards:
John Blake, Manager of Dallas branch of your bank has advised me to write this hardship letter to you. I have financial problems and therefore finding it difficult to pay monthly mortgage payment.
At the beginning of this New Year, I lost my job as a software engineer due to recession in the IT industry. This was sudden and a great shock to my family and me. Now, my family and I are surviving on my wife's meager earning. We are somehow trying to make ends meet.
I have paid the last four installments of the mortgage through my savings account. If I pay one more installment, my account will be exhausted. �I'm searching a job desperately but things don't look that promising given the current economic situation. We have learned that our house's worth is far less than the price at which we purchased it five years back. This is due to the downturn in real estate segment of the market.
My wife and I have studied the situation minutely and have come to a decision of selling the house to survive financially. This will help me take care of my family's financial needs after eliminating the monthly mortgage payment of $ 1,500. We have looked for an apartment that can accommodate the family on a monthly rent of $ 800.
As discussed above, I request you to allow us to sell our house as soon as possible. This will help us in avoiding mortgage foreclosure and further ruining our financial condition. You can contact me on my phone number and personal email address wiiliam.moore @gmail.com for any queries.