Hardship Letters
If you are having difficulty repaying a mortgage or other loan, you may be eligible for modification of the terms of the loan. These modifications could include a temporary or permanent reduction in your regular payments, likely in exchange for increased interest or a longer period of time over which the payments will be made. One common step in requesting such a modification is writing a hardship letter.
If you are struggling to repay your debts while meeting your regular expenses, bankruptcy may be a viable option for you. If you have any questions about this process, call the South Florida bankruptcy lawyers Eric N. Klein & Associates, P.A. at 561-353-2800.
What Is a Hardship Letter?
A hardship letter is a document in which you describe the circumstances that caused you to fall behind on loan payments. Hardships that commonly create financial problems include:
- Divorce
- Illness or injury
- Loss of a loved one
- Job loss
- Disability
A hardship letter should demonstrate that you are working hard to repay your loan, but your circumstances are making it difficult to do so. It should be relatively short, but honest and informative. Most hardship letters will be only one or two pages; when writing one, you do not want to spend too much time dwelling on your problems or the challenges they have created.
If you are interested in modifying your mortgage, car loan, or other loan that has become difficult to pay, you need to be informed about all of your options. An experienced South Florida bankruptcy attorney may be able to help.
Contact Us
The South Florida bankruptcy lawyers of Eric N. Klein & Associates, P.A. work hard to help our clients defend their rights and finances. To discuss what we can do for you, contact us today by calling 561-353-2800.
