By the end of , the US Armed Forces consisted of , soldiers. The majority of those men and women are bound to an eight-year contract. Unlike most other employers, that contract gives the army far more control over your working life — and your ability to leave. One of the few ways you can get out of that contract early is to apply for a hardship discharge.
How Not to Write a Loan Modification Hardship Letter
Economic Hardship Letter Sample - Free Template
In , a homeowner named Dan Bailey got a lot of publicity for writing a hardship letter to Countrywide's chairman, Angelo Mozilo, trying to induce the lender to approve a loan modification. That e-mailed letter--and Mr. Mozilo's response--became very public when Mozilo added some uncharitable remarks and then inadvertently hit "reply all" instead of "forward. Here's how to avoid what Bailey did. To Whom It May Concern: I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage.
There are numerous situations in which you may need to write a hardship letter. Depending on your situation and which fund you are writing to, the things that have to be included in the letter will vary substantially. In the vast majority of cases, the letter is designed to appeal for funds to pay for an unexpected expense, such as a funeral, or to ask a creditor for an extension on costs.
The hardship letter sample you will find below, can be used as a template when writing to your bank or financial institution and ask to consider re-negotiating your debt. Most bank will consider giving you another chance to keep current with your obligation if you:. Also, other letter samples including debt settlement letter , mortgage hardship and credit card hardship letters.