Financial hardships can fall on anyone due to unexpected circumstances. It is not a financial situation that is usually pleasant to be in. Some have indebted themselves to make ends meet and their means of livelihood or payment have been taken away. This is a picture of financial hardship. Lets’ start with Hardship Letter For Rental Assistance.
A financial hardship letter is a kind of letter written detailing your dire financial situation and explaining the reasons why you can’t meet up with the repayment of your debt and the reasons why rental assistance should be granted to you to help out in such a dire financial situation.
Rental Assistance is a financial relief program that helps people pay off their rent or mortgage.
The letter must contain the following:
- Your full name
- Your detailed contact info.
- Your contact info must include your residential address, your email address, and your phone number.
Steps to writing a financial hardship letter
Step one.
Make a note of the addresses.
As in the case of an official letter, you must include your address and that of the rental foundation.
Step two.
Go straight to the point. It is a general rule when writing an official letter that you avoid inconsequential details while you address precisely the matter before you.
Step three
State without exaggeration how you got into the financial mess. Sugar coating situations more than necessary is unwarranted in a hardship letter, hence the need to be honest all the way through.
Step four
Don’t play the blame game by pointing fingers at accusations at people or establishments. You must demonstrate to your lender that you are someone who always accepts responsibility.
documents to attach to your letter.
- A comprehensive list of your debts
- A document reflecting your income
- A detailed inventory of your properties and expenditures.
- Your loan number.
Things to exclude from your hardship letter
- Never, ever blame or accuse the lending company in your letter. Avoid it altogether.
- Don’t let it slip in your letter that any help is coming to you any time soon.
- Avoid name-calling and abusive expressions in your letter. Don’t fall into the temptation of using vulgar terms to address your employer in the letter.
- Stop claiming that you have access to funds somewhere or in some way.
It can take up to three to six weeks to process the rental application.
How to qualify for rental assistance
- You must have rented your apartment.
- must have evidence of being a low-income earner.
- Your rent must have been due.
- You must have been deemed eligible for unemployment assistance programs or have a record of loss of income within the last two months.
The duration and coverage of the rental assistance
- The assistance usually covers 12–18 months.
- There are times when there is a need to extend based on the judgments of the lenders. They can add three months of extension to ensure that the house is secure.
- The funds can also cover utility services and power supply in certain cases.
There are so many factors to consider when applying for rental assistance.
One is the fact that the funds are usually paid to the landlords, and most of them are not cooperating. The factor responsible for this is the clause that says they can’t increase the rent during the duration of the intervention. You might want to seek some other alternatives.
There are alternatives to seeking rental assistance.
- The Housing Choice Voucher
This program helps with house rentals for seniors or people who can’t afford housing rent. They are given vouchers covering 30% of the cost. This program doesn’t cover all the costs.
- Another option to consider is the federal public housing scheme.
This program is aimed at assisting low-income earners or people who can’t afford a house. Once the housing agents have been contacted about a situation of this nature, they help settle these individuals into their houses.
- Privately-Owned Subsidized Housing
This is another form of housing intervention program where homeowners partner with NGOs to reduce the cost of renting an apartment for those who can’t afford the full rent.
Conclusion
The hardship letter for rental assistance becomes necessary when individuals can no longer afford to pay their loans or rent. The letter has its format and requirements for it to be approved, and they have been highlighted above.
Frequently asked questions about hardship letters for rental assistance
- Can my request for rental assistance be rejected?
There is a possibility of it being rejected if it doesn’t meet the required standards or some key documents aren’t attached.
- Do lenders choose beneficiaries on grounds of prejudice?
This is not a notion that can be dismissed as untrue. Sadly, certain forms of prejudice have eaten deep into the system.
