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 mortgage hardship letter form

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.

People Also Ask about sample hardship letter

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.