There are a lot of reasons that you may need to know how to write a hardship letter to stop foreclosure. When your finances get drained and you are not able to come up with enough money to pay your loans, you will probably get a notice in the mail that notifies you of potential foreclosure. If you are like most people, you get a bad feeling in the pit of your stomach when you read the notice that you get in the mail. Usually it will tell you exactly how much time you have before people are going to come to your house and foreclose on your property.

If you take the time to write a hardship letter to your lender, you can prevent the whole process from happening. What does a hardship letter entail? Basically, this is a letter that you will be writing to explain why you were not able to pay your loan on time due to certain hardships that you were dealing with. For example, if you faced the death of someone close to you and were recently fired from your job, you would want to write about both those things in your letter.

People who take the time to write a truly honest and quality letter to their lender can usually reverse the process of foreclosure and even have some extra time to come up with the money that they need to pay. If you are going to be writing one of these letters, there are a lot of things that you need to know and understand. This type of letter is not the same kind of letter that you will write to a friend or family member, it is meant to be written in a very formal tone.

Various acceptable explanations for hardships include: having your property damaged, suffering from some type of medical illness (you or somebody in your family), losing your employment, having business troubles, dealing with changes in the amount of money you are paying on your bills, and/or having your husband or wife pass away. Below is some advice that you will want to read over or print off if the time ever comes when you need to write a hardship letter to stop foreclosure.

Do your best to read it over and follow the instructions when you write this kind of letter:

1. Always be honest - You never want to tell a lie in your letter to your lender because they will probably investigate to make sure that you are telling the truth. If you make up a fake reason that foreclosure should be stopped, you can get into serious legal trouble. Make sure that you are not trying to hide anything, just tell them exactly what happened in your life.

2. Address your problems in the letter - You should always make sure that you are addressing exactly what happened in your life that prevented you from making your payment on time. If you had a major health problem and were sent to the doctor, then let them know about it. You do not need to get caught up with telling them every little detail, but write with clarity and be concise.

3. Why didn't you pay them on time ? - Even if you had serious problems, you need to explain how they hindered your ability to get your payment in on time. If you were spending weeks at the hospital for some kind of injury, then tell them that you did not have access to your finances. Explain that you being at the hospital made it impossible for you to get them the money on time.

4. Tell the lender how you are going to get them their money - You should still be concerned about getting them their payment, even if you have a good reason for them to stop foreclosure. The fact is that you are going to eventually need to start making your loan payments again and they need to know that you will be ready so that they don't accidentally issue another foreclosure notice.

5. Be kind to your lender - It is never a good idea to try to make the lender feel guilty about issuing you a bill. He or she does not know your situation and that is the reason that you need to write this letter. You should never write with a rude or sarcastic tone because this may upset them and make them avoid taking your letter into consideration. Remember, the contract that you signed gives your lender the final say as to when foreclosure will happen.

6. Do you need a loan modification? - For people that need to have a loan modification after suffering a hardship, they should explain that they would really like to get one if they could in the letter. Even if you ask to get a modification, you should realize that it will not always be possible due to the terms that you originally signed. Be accepting even if they reply and say that you cannot get one.

7. Know what you can afford - You need to know what you can afford at the moment and how much time you think is reasonable to recover from whatever event you had to go through. Let them know how quickly you will be able to get them their money and how much you will be able to afford paying at the moment. They will be eager to find this type of information out.

8. Schedule a meeting - In the closing of your letter, you should let them know that you would be willing to either meet face-to-face with them to further discuss things or that you can talk to them over the phone. It is in your best interest to find a way to keep in touch with them to make sure that they received the letter and would like to work something out.

If you follow all of the advice that was laid out in this article, you should be able to stop foreclosure without any problems. Just remember that it is in your best interest to be completely honest when you write the letter and that you let them know what you are going to do about your loan payment. If you were able to put together a decent letter and get it sent to them before they start the foreclosure process, you should be able to get yourself out of foreclosure.