Document background
The Hardship Mortgage Letter is a crucial document used when borrowers face significant financial difficulties affecting their ability to meet mortgage obligations in Singapore. It serves as a formal request to their lending institution for payment relief or loan modification. The letter must address specific requirements under Singapore's banking regulations and MAS guidelines, providing comprehensive information about the nature of hardship, financial status, and proposed resolution. This document becomes particularly relevant during economic downturns, personal financial crises, or circumstances like the COVID-19 pandemic, where borrowers require formal channels to communicate their difficulties and seek assistance.
