All banks involve formal processes for loan or line of credit services. A loan application letter is a formal written document to help you request for monetary credit services on some kind of secured mortgage.
A loan request or application letter provides relevant information for the purpose of asking loan to the concerned authority. This letter explains your intent, credit history and other prominent points essential to get you approved for the loan or loan modification.
The application process is quite similar to the application letter for mortgage. The only point which makes it different is when you are applying to have a loan modification you as an applicant must provide a reason of hardship along with your application.
Hardship letter or a loan application for modification is the first thing the lender notices while reviewing an application to modify a mortgage. A good application letter will include the entire sequence of proceedings leading up to the event that necessitated the application.
From
Thomas Allen
65, Howard Street
Norberto 85658
To
Mr. Norman Reed
IOPD Bank
87 United Streets
Norberto 76429
9 May, 2014
Subject: Sample loan application letter
Dear Mr. Reed,
I am writing this application letter to notify you that I need a loan modification as I was out of a job from March 2014. I have tried my best to find a good job but there has been no positive response at hand. This has highly affected out mortgage plan. We have tried everything we can to cope up with this problem. Unfortunately, our economic state no longer permits us to make our mortgage disbursement. I, therefore request you to consider my application for a loan modification.
As you can understand that our home is so important for me and I am trying all the possible efforts to keep our home.
Without a cut on the interest, I will not be able to pay the monthly payments. I am forced to choose between a loan modification and a foreclosure. Kindly provide an opportunity for the former, it will be really appreciated.
Please consider my application and I hope to hear positive from you on the matter.
Yours Faithfully,
Thomas Allen
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