Hardship Affidavit For Mortgage

Hardship Affidavit For Mortgage for the United Kingdom

Hardship Affidavit For Mortgage Template for England and Wales

A Hardship Affidavit for Mortgage is a sworn legal document used in England and Wales where borrowers formally declare their financial difficulties and inability to meet mortgage payments. The document details the nature of the hardship, current financial status, and requests specific relief measures from the lender. It must comply with English property law and FCA regulations, serving as a formal request for mortgage modification or forbearance.

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What is a Hardship Affidavit For Mortgage?

The Hardship Affidavit For Mortgage is a crucial document in English and Welsh property law that provides a formal mechanism for borrowers experiencing financial difficulties to communicate their situation to lenders. It serves as a legally binding statement detailing the borrower's financial hardship, including specific circumstances, income changes, and inability to meet current mortgage obligations. This document is typically used when seeking mortgage modifications, payment deferrals, or other forms of relief, and must comply with FCA guidelines and UK mortgage regulations. The affidavit helps lenders assess the borrower's situation and determine appropriate assistance measures.

What sections should be included in a Hardship Affidavit For Mortgage?

1. Personal Information: Affiant's full legal name, address, and contact details

2. Loan Information: Mortgage account number, property address, original loan amount

3. Nature of Hardship: Detailed explanation of financial difficulties

4. Current Financial Status: Income, expenses, assets, and liabilities

5. Declaration of Truth: Statement confirming information accuracy under penalty of perjury

What sections are optional to include in a Hardship Affidavit For Mortgage?

1. Supporting Documentation: List of attached evidence, used when additional proof is required

2. Previous Modifications: Details of any prior loan modifications, if applicable

3. Third-Party Authorization: Permission for others to discuss loan, if needed

What schedules should be included in a Hardship Affidavit For Mortgage?

1. Income Verification: Pay stubs, tax returns, bank statements

2. Expense Documentation: Bills, receipts, financial obligations

3. Medical Documentation: If hardship is health-related

4. Employment Documentation: If hardship is employment-related

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Free to use

Relevant legal definitions

Clauses

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Banking
Real Estate
Financial Services
Legal Services

Relevant Teams

Mortgage Operations
Collections & Recovery
Legal
Risk Management
Customer Relations

Relevant Roles

Mortgage Advisor
Collections Manager
Loan Officer
Financial Counselor
Property Lawyer

Industries

Financial Services and Markets Act 2000: Primary legislation that establishes the regulatory framework for financial services in the UK, including mortgage lending and regulation

Consumer Credit Act 1974: Regulates credit agreements and provides consumer protections in financial transactions, including aspects of mortgage lending

Financial Services Act 2012: Updates to financial services regulation, including amendments to mortgage-related regulatory framework

Mortgage Credit Directive Order 2015: Implements EU rules on mortgage lending into UK law, setting standards for mortgage credit agreements

Consumer Rights Act 2015: Provides key consumer protections and rights in financial services, including mortgage agreements

FCA Mortgage Conduct of Business Rules (MCOB): Regulatory guidelines specifically governing how mortgage lenders must treat customers and handle mortgage-related business

FCA's Treating Customers Fairly (TCF) principles: Core principles ensuring fair treatment of customers in financial services, including during mortgage hardship situations

Housing Act 1988: Legislation governing housing rights and responsibilities, including aspects of mortgage possession

Law of Property Act 1925: Fundamental property law that governs aspects of mortgage security and property rights

Housing and Planning Act 2016: Modern housing legislation that impacts mortgage regulation and housing rights

Pre-Action Protocol for Possession Claims: Court guidelines that must be followed before initiating possession proceedings for mortgage arrears

UK General Data Protection Regulation: Data protection requirements for handling personal information in mortgage documentation and processing

Data Protection Act 2018: UK's implementation of data protection requirements, governing how personal data is handled in financial services

UK Finance's Lending Code: Industry code of practice setting standards for mortgage lending and handling of financial hardship cases

Building Societies Association's Mortgage Code: Standards and practices specific to building societies in mortgage lending and customer treatment

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Release Of Liability Mortgage

An England & Wales legal document releasing a party from mortgage obligations while maintaining the mortgage's validity.

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What is a Hardship Affidavit For Mortgage?

What sections should be included in a Hardship Affidavit For Mortgage?

What sections are optional to include in a Hardship Affidavit For Mortgage?

What schedules should be included in a Hardship Affidavit For Mortgage?

Authors

Alex Denne

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