What is a Loan Modification Letter?
Making a Loan Modification Letter allows you to seek relief from your lenders when your financial situation changes. Unlike a forbearance, which is typically temporary, a loan modification permanently alters your loan payment plan and is a long-term solution if you do not think your financial situation will improve. A Loan Modification Letter can be used for business or personal loans.
When to use a Loan Modification Letter:
- You have suffered a loss of income and want to amend your loan payment.
- You recently lost your job and cannot continue making your current monthly loan payments.
- Your business has experienced a loss in revenue and you need to request relief.
- You have exhausted all other financial resources and need new loan terms.
I am writing to request a loan modification in order to continue making payments on my loan. The account number is .
my company's revenue is because I currently make because
Based on my and expenses, I cannot make my loan payments. In place of my payment of per month, I ask that you alter my payments to , which will be paid .
I can be contacted at or . Thank you for your understanding and consideration.