Are you a homeowner looking for sample mortgage modification letters to base your own hardship letter off of? Trust me, you're not alone. It seems like there are things you should and shouldn't do on your modification letter and if you mess up with even one part, you're whole application is out the window. I've created a sample mortgage modification letter for you to look at and see how it's done. You can't risk not having your loan modification application approved just because of a letter.

Every homeowner has their own story of how they came to not be able to afford their mortgage payments. The one below is based around a rate increase, but you may have an entirely different circumstance. No matter the reason you can't make your payments, you need to be as clear as possible on the reasons why.

Sample Mortgage Modification Letter

Account Number:

Name: (The one the loan is under, and maybe your own depending on circumstances.)

Address:

Phone Number:

Email:

'Dear Sir or Madam' or 'To Whom It May Concern':

(State why you are sending them the letter.) I have sent this letter to support our application for a loan modification with your institution. Our new rate has made it extremely difficult for us to afford our monthly payments. My husband and I had some difficulty making our payments before, but now it is nearly impossible. Our interest rate increased from a manageable 7.85% to an impossible 9.65% in November 2008. Such a "small" increase has made such a huge impact on the amount you ask from us that we just don't know what to do.

(Propose the interest rates you are looking for.) We are requesting a locked and decreased rate in our interest. The rate we have come up with that would be manageable is 7.25%. It is lower than our old rate, but we had enough trouble paying at 7.85% and were even late on a few occasions in the past year. 7.25% is well-within our budget and we feel it is a reasonable rate for both parties.

(State your intent to continue business with the lender.) We would much rather negotiate a new rate with you than go into foreclosure. We have been living in this home for 8 years now and have no interest in finding a new place to live. We are very comfortable here and are hoping to give the home to our children one day. If we could come to some sort of agreement about a new, lower rate I think both your company and my family will be pleased with the outcome.

Thank you for your time and consideration.

Sincerely,

Name