Hardship Letter Due to Payment Shock

To Whom It May Concern:

I am writing to try to {consolidate my loan, avoid foreclosure, restructure a payment plan, delay payment, request debt forgiveness} for {my mortgage, my personal loan, car loan, credit card bill, medical bill etc.}.

My recent hardship has been caused by payment shock from {my adjustable mortgage's fully indexed interest rate/the recasting of a payment option ARM/the end of a fixed-rate interest period}. On {date} my monthly payment for {expense} went from costing {amount} to costing {amount} which is a(n) {amount} difference per month.

My current monthly budget is {amount}. As you can see from the attached spreadsheet outlining my budget, I cannot afford to pay this increase in {interest/rate/etc.}. I would like to request a lower rate so that I can keep my {house/car/etc.} and still manage to make a payment every month.

I am hoping that we can work out some sort of solution as quickly as possible. Please contact me immediately so that we can begin this process.

Sincerely,

{Sender Name}

Index of Hardship Letter Examples