Falling behind on your mortgage payments can present the risk of losing your home, but getting approved by your lender for a loan modification can prevent the lender from foreclosing. If you decide to apply for a home modification, you will need to write a letter of hardship. This letter should be no more than one page long and should be clear and concise. As you write the letter, you should include these three important details in it.

The purpose of the letter

You should begin the letter by stating the purpose, and the purpose is to let the lender know that you are writing a letter of hardship. Make sure you make this detail very clear in your opening sentence.

The reason you fell behind on your payments

The most important detail to include in your letter is an explanation of why you fell behind on your payments. This is what hardship refers to. It is the reason you could not pay your bills, and it should be something major, like a divorce, loss of job, accident, or injury.

As you write your letter, you do not need to include every detail about the hardship. You can simply state the event that took place, and a short explanation of why this caused you financial problems. The lender does not have time to hear all the details and facts relating to the event; the lender just wants to know that there was a major problem in your life that led to your financial problems.

The evidence you have that you will not miss any payment

Finally, the third crucial piece of information you should include is the facts that demonstrate that you will have the ability to repay the loan if it is modified. This might include factors about the new job you just landed, or it could be an explanation of a lawsuit settlement you just received.

The lender will want to know that you have the means to repay the loan so problems can be avoided in the future. State your reasons that back up your ability to repay the loan, and keep the information relatively brief.

If you are interested in learning about loan modifications, you should contact a home loan lender. The lender can tell you what the requirements and conditions are, and the lender can give you instructions relating to starting the process for a loan modification application.