Financial hardship letter

Table of Content

To Whom It May Concern:

            This letter is to express my sincerest regret at being unable to fulfill my financial obligations to your bank pursuant to the loan I obtained.

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            Before you dismiss this letter, I asked that you just hear me out and allow me to tell my story.  While I know that this letter may be one of hundred or perhaps thousands that are sent to you everyday, unlike the other letters, this is a true story, my story.  I am appealing now to your sense of charity and perhaps forgiveness.

            My story, like all others, begins on a positive note.  Times were not always this difficult but they were also not that great.  I was making just enough to make ends meet and maintain a very simple lifestyle.  There was nothing extravagant about my lifestyle because I knew well enough to live within my means and my means only afforded me three squares meals, a bed and a roof to lie under.

I shared this lifestyle with my mother who I am supporting and have recently had to change jobs because my mom requires more and more attention and care and I simply cannot send her to an old folk’s home even if I could afford to.  I currently work at the local post office and make barely over US $2000 a month.  With all the medicines, food and utility bills that I need to pay for, the money that I earn every month cannot cover all of these expenses as it is and I am already saddled with credit card debt which is continually rising due to the compounded interest rate that is being charged.

My current financial status is horrendous at best and I am currently filing for bankruptcy because I cannot even afford to provide for the basic needs in order to live a decent life.  The only thing I have remaining is my house which no creditor is placing a levy on at the bankruptcy proceedings.

I understand that it makes for poor business practice to condone every debtor who is unable to make the payments on his mortgage.  Given my current financial standing however I have no choice but to request that the bank take the current offer on my only remaining asset, my house.  I know that the value of the house will not be able to fully cover my outstanding financial obligation and neither will it cover all the interest payable but I am hoping that you can find it in the kindness of your hearts to accept this proposal.  Given the way things are presently going, any proceeding to extinguish this financial obligation of mine with your bank may take over a period of five (5) years and I think that it may be in both our best interests if you accept the current offer on my house even if it may be at a lower value.

As of the time of this writing my mother has gotten sicker and we no longer have steady water and electricity.  Meals are now far and between in our household and I am unsure if matters can get any better before they become worse which is a possibility that becomes more and more realistic as the days go by.

I would like to once again thank you for reading this letter of mine and I hope that maybe you can understand what I am dealing with.  Hopefully we can come to a certain understanding or arrangement with regard to this matter.

Thank you once again and may the grace of God bless you always


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Financial hardship letter. (2017, Jan 17). Retrieved from

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