If you are facing financial hardship and are unable to make your Bank of America loan or credit card payments, you may be able to request a hardship letter. A hardship letter is a formal request to your lender to modify the terms of your loan or credit card agreement due to a temporary financial hardship.
In this article, we will provide you with templates, examples, and samples of hardship letters that you can use to write your own letter to Bank of America. These letters will help you explain your financial situation and request assistance from the bank.
Request for Hardship Assistance from Bank of America
Dear Customer Service Team,
I am writing to request hardship assistance from Bank of America due to an unforeseen financial situation that has made it challenging for me to meet my financial obligations, including my mortgage payments.
My current financial hardship stems from a recent job loss. As the sole breadwinner for my family, this unexpected event has left us in a difficult financial position. Despite actively seeking new employment, I have been unable to secure a stable income source.
As a result, I have fallen behind on my mortgage payments for the past three months. I understand the importance of making timely payments and have always been a responsible borrower. However, the current circumstances have made it impossible for me to keep up with my obligations.
I have explored other options for financial assistance, such as government programs and non-profit organizations. However, I have not been able to qualify for any of these programs due to my income and assets.
I am committed to resolving this situation and resuming my mortgage payments as soon as possible. I am confident that I will be able to secure a stable income source and get back on track financially.
I would appreciate it if you could consider my request for hardship assistance. I am open to exploring flexible payment options or a temporary suspension of payments until I can regain financial stability.
Thank you for your time and consideration. I look forward to hearing from you soon.
Sincerely,
[Your Name]
How to Write a Hardship Letter to Bank of America
1. Start with a Strong Introduction
Begin your letter by introducing yourself and explaining your financial hardship. Be clear and concise, and avoid using jargon or technical terms.
2. Provide Specific Details
In the body of your letter, provide specific details about your financial situation. Explain how your hardship has affected your ability to make payments, and provide documentation to support your claims.
3. Explain Your Plan
Once you have explained your hardship, outline your plan for getting back on track. This may include a request for a payment plan, a loan modification, or a hardship forbearance.
4. Be Professional and Respectful
Throughout your letter, maintain a professional and respectful tone. Avoid making accusations or blaming others for your situation. Instead, focus on presenting your case in a clear and persuasive manner.
5. Proofread Carefully
Before you send your letter, proofread it carefully for any errors in grammar, spelling, or punctuation. A well-written letter will make a better impression on the bank and increase your chances of getting approved for assistance.
6. Follow Up
After you have sent your letter, follow up with the bank to check on the status of your request. Be patient, as it may take some time for the bank to process your application.
7. Seek Professional Help if Needed
If you are struggling to write a hardship letter on your own, consider seeking professional help from a credit counselor or financial advisor. They can help you develop a plan and write a letter that is more likely to be approved.
FAQs about Hardship Letter To Bank Of America
What is a hardship letter?
A hardship letter is a formal document that explains your financial situation and requests assistance from your lender. It is typically written when you are experiencing a financial hardship that is preventing you from making your loan payments on time.
What should I include in a hardship letter?
Your hardship letter should include the following information:
- Your name and contact information
- Your account number
- A brief explanation of your financial hardship
- Documentation to support your hardship, such as a medical bill or a layoff notice
- A request for assistance, such as a payment deferment or a loan modification
How do I submit a hardship letter?
You can submit a hardship letter to Bank of America by mail, fax, or email. The mailing address is:
Bank of America
PO Box 981025
El Paso, TX 79998-1025
The fax number is: 1-800-822-0511
The email address is: hardshipassistance@bankofamerica.com
How long will it take to process my hardship letter?
Bank of America typically takes 30 days to process hardship letters. However, the processing time may be longer if you need to provide additional documentation.
What are my chances of getting approved for hardship assistance?
Your chances of getting approved for hardship assistance depend on your individual circumstances. Bank of America will consider your financial situation, your payment history, and your overall creditworthiness when making a decision.