A Loan Modification Letter is written to your mortgage or loan provider to request a permanent change in your loan payments. A typical Loan Modification Letter outlines your situation before the financial hardship occurred, and then describes your current financial situation and why you are unable to adhere to your original loan terms. Some common reasons for writing a Loan Modification Letter include injury, loss of job, economic downturn, an illness to you or a family member, etc.
Making a Loan Modification Letter allows you to seek relief from your lenders when your financial situation changes. Unlike a forbearance, which is typically temporary, a loan modification permanently alters your loan payment plan and is a long-term solution if you do not think your financial situation will improve. A Loan Modification Letter can be used for business or personal loans.
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