BoFA Hardship Letter free printable template

Hardship Letter Please tell us in detail why you are experiencing financial difficulties. Income reductionUnemployedSelfemployedDivorceMedical×Other Borrowers Signature: Date: Print Name: Borrowers

How to fill out hardship letter

How to fill out BoFA Hardship Letter

1. Begin with your contact information at the top of the letter.
2. Include the date you are writing the letter.
3. Next, provide the name and address of the financial institution (Bank of America).
4. Write a clear subject line, such as 'Hardship Letter'.
5. Start the letter with a formal greeting.
6. Clearly state your financial difficulties and the reasons for your hardship.
7. Provide any relevant details or background information that supports your situation.
8. Explain what assistance you are requesting (e.g., loan modification, deferment).
9. Offer any documentation that verifies your hardship (e.g., layoff notice, medical bills).
10. Conclude with a statement expressing your hope for a positive response and your willingness to discuss further.
11. Include your signature at the end of the letter.

Who needs BoFA Hardship Letter?

1. Borrowers who are facing financial difficulties, such as job loss or medical emergencies, and are unable to make their loan payments.
2. Individuals seeking assistance in modifying their loan terms or postponing payments.
3. Homeowners at risk of foreclosure looking for solutions to keep their home.

Instructions and Help about hardship letter

Everybody's watching us, and today I have the good fortune to introduce to you our in-house corporate counsel Michael Bairn Merrill he calls him the dad of the group because he's in charge of the distressed asset division and that includes our short sales right, and he's an awesome resource in order to help us get these short sales approved, and today we're going to cover a topic that's very important one of the first things you have to do, but it's how to write an awesome hardship letter that is going to get it's going to get the bank's attention, and it's going to get them to want to approve the short sale, so Michael welcome thank you very much yeah let's talk a little about how to write this hardship letter so how would you advise a client on writing the right parts of letter to get notice by the bank a 1 1 of the things that you need to do is actually be accurate and be concise I've seen arching letters that aren't two three four pages long and those don't work a one-page explanation of what is happening in your case telling them what your hardship is and what you've done to remedy the hardship and why it is that I was no longer portable to you that works okay and should they should people write about how much money they're losing every single month should they detail the analysis in the hardship letter what advice do you give them in that respect well it's basically, so we were constrained to for the effective letter it would go straight one-page right, so one of those paragraph is going to come out and say I'm calling you because I'm sending you this letter because I'm having these difficulties making these payments and difficulty making these payments is because I either got divorced the property is underwater my interest only loan is now it's not just only interest on me, but now its pit Chris was just texting insurance the condo fees have gone too high, so there's a death in the family there's a loss of job so all those things get explained, and it shows what the monthly shortage is in your ability to make the mortgage payments okay and so when that when you tell them the purpose why you are required in this situation, and then you've already tried in most instances they've tried a loan modification sometimes the loan modifications get sometimes approved they don't and in some of those instances where they've been approved even the loan modifications don't work I know cases where the loan modification got approved it went from an interest-only loan to a pit but instead of reducing the monthly payment the monthly payments haven't actually gone up by $$2550 granted it is not including principal interest taxes insurance as opposed to interest only for 1500 as opposed to British tax insurance for 1550 in the long run it's a cheaper product cheaper fixed-rate loan which amortizes belong but instead of making it cheaper for you out of pocket you're actually spending more money out of pocket every month I see that quite also so those...

People Also Ask about

What should I write in a hardship letter?

How to Write an Effective Hardship Letter Part 1: Explain what happened and why you are applying. Part 2: Specifically illustrate the time and severity of the hardship. Part 3: Back up the reasons traditional remedies won't work. Part 4: Detail why you are stable enough to succeed with a modification.

How do you explain financial hardship?

Tips for Writing a Hardship Letter Keep it original. Be honest. Keep it concise. Don't cast blame or shirk responsibility. Don't use jargon or fancy words. Keep your objectives in mind. Provide the creditor an action plan. Talk to a Financial Coach.

How do you write a letter for unable to pay?

I enclose a copy of my financial statement. This shows income and expenses for me. You will see from this information that I am unable to make any offer of payment at the moment. I am making every effort to increase my income and will contact you again as soon as my financial circumstances improve.

What is the reason for a hardship letter?

A hardship letter explains why a mortgage holder is defaulting on their loan and needs to sell their home for less than what they owe. Hardship may arise from unemployment, reduced income, a death in the family, divorce, military service, incarceration, or other situations.

How do I write a hardship letter?

How to Write an Effective Hardship Letter Part 1: Explain what happened and why you are applying. Part 2: Specifically illustrate the time and severity of the hardship. Part 3: Back up the reasons traditional remedies won't work. Part 4: Detail why you are stable enough to succeed with a modification.

What is a good reason for hardship?

The most common examples of hardship include: Illness or injury. Change of employment status. Loss of income.

What is an example of a letter of financial hardship?

To Whom It May Concern: I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan.

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What is BoFA Hardship Letter?

A BoFA Hardship Letter is a written request submitted to Bank of America (BoFA) explaining a borrower's financial difficulties and requesting consideration for a loan modification or other relief.

Who is required to file BoFA Hardship Letter?

Borrowers who are experiencing financial hardships, such as loss of income or unexpected expenses, and are seeking to modify their mortgage or obtain assistance from Bank of America are required to file a BoFA Hardship Letter.

How to fill out BoFA Hardship Letter?

To fill out a BoFA Hardship Letter, borrowers should clearly state their financial situation, outline the circumstances causing the hardship, provide supporting documents, and specify the type of assistance requested.

What is the purpose of BoFA Hardship Letter?

The purpose of a BoFA Hardship Letter is to communicate to the bank the borrower's difficulties and request help in managing their mortgage obligations, potentially avoiding foreclosure.

What information must be reported on BoFA Hardship Letter?

The information that must be reported on a BoFA Hardship Letter includes details about the borrower's current financial situation, specific hardships faced, income sources, expenses, and any relevant documentation that supports the claim.