If you have a financial problem and are unable to make timely payments on the debt as per the terms and conditions of the loan agreement, you can send a loan modification letter to the creditor.
Sample loan modification letter / debt modification hardship letter:
Loan account number
Sub: Loan modification request
This letter is to inform you that I have been delinquent on my mortgage payments due to some unavoidable circumstances. I have tried my best to pay back my dues on time but failed. I would request you to modify our loan agreement so that I may retain my home and avoid foreclosure. Any co-operation from your side would be greatly appreciated.
The main cause of my missed mortgage payment is (give reasons for you missed payment) and my present income does not permit me to continue the payments as per the prevailing loan agreement. However, I have full intention to pay back the entire loan amount and keep back the home with me. I am sure that this situation is temporary and I would continue with the earlier agreement as soon as I return to my earlier course of income.
Hope that you will consider my situation and help me to tide over my period of crisis.
Thanks and Regards
Debtor's name and signature
For other credit related letters you can visit the link letters of credit