The following items are important and need to be included in your hardship letter:
• Date
• Loan Number
• Reason for Default
• Supporting evidence and documentation
- Event details
- Date of events
• Documents supporting end of hardship (if applicable)
• Your proposed outcome (what you would like to happen)

The following is a list of valid reasons for hardship that would be accepted by most lenders:
• Death of borrower
• Death of spouse or family member
• Illness• Medical Bills
• Short-term or permanent disability
• Unemployment
• Decrease in working hours
• Decline in earning for self employment
• Elimination of overtime or second job
• Mandatory pay reduction
• Increase of expenses due to short-term unemployment
• Involuntary job relocation
• Failure of business
• Divorce
• Marital Separation
• Incarceration
• Military Duty
• Damage to Property

When writing your hardship letter make sure that you honestly represent the facts as you may be asked for supporting documentation to verify your claims. Include all of the things you have done to be responsible for your loan obligations. For example:
• Created family budget
• Seeking credit counseling
• Reduced bills & recurring expenses
• Secured new employment
• Secured additional employment
• Used savings
• Borrowed or closed retirement accounts
• Increased education (more employable)
• Sold large assets
- 2nd car
- Jewlery
• Stocks, bonds, mutual funds
• Cancelled luxury subscriptions
- Magazines
- Cable TV, Internet
• Exhausted other means to pay debt

(Click here to see examples of some hardship letters)