How to Make a Convincing Sample Loan Modification Hardship Letter

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[Below is an excerpt from a live loan modification teleconference]

Mike: Yeah. Here's the deal. There initially were seven guidelines that the FDIC originally started with and encouraged banks to use when considering loan modifications. Those seven have kind of, as things have gotten more and more intense, they've done away with more and more of them to the point where they really only use three. And so there really are three that you need to be super concerned about. But let me, as I go through --

Ryan: Would you say that it used to be hard and now it's easy?

Mike: Or it used to be just more complicated. But I do want to mention some of the insider tips that I give you in the workbook. I don't want to forget some of these now. In Chapter Two when you're figuring out whether or not you qualify for a loan modification one of the first tips that I give you is be sure that you want a loan modification. A lot of times we'll spend time with a client on the phone, talking with them about how they may or may not qualify and finally we get to a point where you can just sense it in their voice and we realize that we forgot to ask them do you really want to keep the home?

Ryan: Well, a lot of times actually I think more often that question comes from us, like maybe you shouldn't keep the home. Because people against all odds and against all rationality will attempt to keep their home and you know, cause we don't want to change. No one wants to change anything. Right?
Mike: Right.

Ryan: So we just present the question, could there be an easier way?

Mike: Yeah. Be sure the modification is the best route for you to take. Now most people consider that modifications are in fact a temporary fix. And they certainly are that. They are a two to three to five year band aid on a wound.

Ryan: Well, I mean they can be, but plenty of our loan modifications are thirty year.


Mike: Yeah, but even the ones that are 30 and 40 year fixed, they still don't reduce that principal so you still have this glaring problem. You know, that someday you're going to want to move from this house and you can't. You can't sell it.

Ryan: Yeah.

Mike: So, it puts off --

Ryan: So it's a band aid in that regard. We think there's going to be more and more programs out there in the coming years to address principal reductions because we believe it's a matter of facts that you know, $200,000, $300,000 is evaporated from everyone's home. And we're going to have to address it across the board. Not anymore one on one type thing.

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