Hardship Letter for Loan Modification
Hardship Letter for Loan Modification
Date: November 5, 2050
Rocky Orn
Houston, TX 77001
rocky@you.mail
Dear Mr. Orn,
I am reaching out on behalf of [Your Company Name] to formally request a modification of our loan agreement due to significant financial hardship that has adversely affected our operations. The challenges we are currently facing have made it increasingly difficult for us to fulfill our financial obligations under the existing terms of our loan.
Over the past several months, our business has been impacted by several unforeseen circumstances, including a significant decline in sales and an increase in operational costs. As a result, our cash flow has been severely restricted, making it challenging for us to maintain our regular loan payments.
We have taken proactive steps to address these issues, including cost-cutting measures and exploring new revenue streams. However, despite our efforts, we are still struggling to meet our financial commitments. To avoid defaulting on our loan, we believe that a modification of the loan terms, such as a temporary reduction in monthly payments or an extension of the loan period, would be beneficial.
We are dedicated to maintaining a good relationship with you and believe that with your support, we can navigate this difficult time. I would appreciate the opportunity to discuss this matter further and explore potential solutions that can assist us in managing our obligations.
Thank you for your attention to this urgent matter. I look forward to your response.
Sincerely,
[Your Name]
[Your Company Name]
