A good hardship letter to your lender should specifically outline your reasons for being delinquent with your mortgage payment, and it should also out line how getting a new lower mortgage help you and your lender out. The reason why I say that is because, lenders are in business to make money and not just to make everything easy for you. That is obvious, yet many homeowner think lenders are here to help them out, and have no other concerns. Lenders have overhead, employees, share holders, business expense, and so your expectations has to make sense to them.
When you are doing your loan modification, be honest with your lender. Explain the reasons why you are behind with the payments in detail. Do not just say you need a loan modification because of the economy, or you need it because a lot of people are getting them and you should too. Be specific with your personal situation.
For example, let you lender know how the mortgage being past due is affecting you, your family, your job if you have one, your credit, and how working out a new lower loan will benefit your both. Let's say you are past due to the loss of a job or due to the loss of your spouses job, explain to your lender you or your spouse is out on a regular basis looking for employment, and as soon as you or your spouse becomes employed again you will start to try to make your payments on time; But you will need some help for now until you get on your feet. Understand that your lenders do not want your house, the would much rather to see you in the property, and making your monthly payments on time. That is the main thing that a lender or a bank wants to see. When your loan is not performing, meaning you are not making your payments regularly, they are losing money. Lenders will go to great lengths if it makes sense to modify your loan.
Many lenders are overwhelmed with the number of homeowner that are needing help right now, and a major overhaul is being done to mitigate losses, and get loans to perform again. Regardless, your hardship letter to your lender can have a great impact on the out come of your loan modification. Give them good solid reasons why you should be helped out when compared to the masses, be personal, communicate well because they really want to help you, and in turn help themselves.