Dear [Creditor’s Name],
I am writing to request a modification of my loan due to my recent unemployment. Unfortunately, I lost my job [insert time frame] and have been unable to secure a new one since. As a result, I am facing severe financial difficulties that have made it impossible for me to keep up with my loan payments.
Prior to my job loss, I was able to make consistent payments and meet all of my financial obligations. However, with the loss of my income, I have struggled to make ends meet and have fallen behind on my loan payments. I am now at risk of defaulting on my loan and losing my home.
I am actively seeking new employment opportunities, but the job market has been incredibly competitive and I have not had any success thus far. I have also cut back on all unnecessary expenses and have been living frugally, but it has not been enough to keep up with my loan payments.
I am requesting that you consider modifying my loan to provide me with a more affordable repayment plan. This would allow me to keep my home and make payments that are more manageable given my current financial situation. I am willing to provide any additional information or documentation that you may require to support my request.
Thank you for your consideration and understanding during this difficult time. I hope that we can work together to find a solution that allows me to keep my home and manage my financial difficulties.