Loans, Debt & Credit - View Single Post

JennaGG · 10-27-2009, 11:07 AM

Hi there. I am new here & need some help. I hope I'm posting this in the right area.

We purchased our house in Aug. 2007 for a little more than we wanted to spend. We've had trouble making the payments since the beginning. We struggled through & were reassured by our mortgage guy we would be able to refinance in a year & get a lower interest rate. Well we all know what happened to the market & we were unable to do the refinance.

We continued to struggled & in June 2009 I realized we just couldn't do it anymore. I contacted Bank of America to see what help we could get. I was told we couldn't get help until we were in default. I asked about a loan modification & was told it could take up to 45 days to receive the paperwork. It never came.

July & August payments were late. We never paid September or October. My husband hurt his back in September & had to go on sick leave. That meant we had to take a week unpaid. It really killed us financially because our daughter just went back to school & had her birthday. We had all of those expenses & then this unforeseen loss of a weeks pay right after.

2 weeks ago Fed Ex delivered a letter from BOA. It stated we could get a loan modification (which I had asked about in June). All we had to do was send in X amount of money right away. The next day we mailed out the check.

A week later a man showed up at our door from a company called Titanium Solutions. He said he was a realtor & was contacted by BOA to come out & explain our options to us. The only thing he suggested was doing a short sale. We don't want to lose our home so we told him "no thank you".

We then received the actual loan modification papers from BOA. I'm having trouble figuring out exactly how to fill out the 4506-T form. It's a Request for Transcript of Tax Return. I'm just not sure which lines I'm supposed to fill out.

Also, here is a copy of the hardship letter I wrote up. I was wondering if you all could look over it & give me some feedback. I copied most of it from a very helpful thread here but changed it a bit.

ffice:smarttags" name="City">ffice:smarttags" name="place"> To Whom It May Concern,

I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan. Our number one goal is to keep our home and we would really appreciate the opportunity to do so.

The main reason that caused us to be late is my income has been frozen since July 2008. Our medical co-payments have gone up and with an 8 year old daughter with a rare autoimmune disease, it adds up quickly. Our property taxes have increased. Olace w:st="on">urlace> car insurance and homeowners insurance have also increased. With the increase of property taxes and homeowners insurance our monthly mortgage payment increased as well. Our monthly utility bills have also gone up. Along with the pay freeze and all of our bills continuing to climb, I hurt my back in September and had to go on sick leave for the second time in two years. In order to do this, I had to take a full week unpaid. This makes it impossible to pay the bills when we are already living paycheck to paycheck.
> >
Soon after being late and our income not being nearly enough, we had fallen further and further behind. Now, it’s to the point where we cannot afford to pay what is owed to Bank of America. It is our full intention to pay what we owe. But at this time we have exhausted all of our income and resources so we are turning to you for help.
> >
We have maxed out our one credit card, taken out a line of credit from our bank and have even had to borrow money from a family member to make ends meet. We feel that a loan modification would benefit us both. The lowered monthly payment will be much more manageable for us. We would appreciate if you can work with us to lower our delinquent amount owed and or payment so we can keep our home and also afford to make amends with your firm.

We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.

Sincerely and Respectfully,
XX

I would greatly appreciate ANY and all input. We've never been so far behind on our bills as we are now & it's just extremely stressful. I want to make sure we present ourselves as best as possible to the bank.

Thank you,

Jenna

10-27-2009, 11:07 AM	#1 (permalink)
JennaGG Senior Member Join Date: Oct 2009 Posts: 48 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan modification advice needed Hi there. I am new here & need some help. I hope I'm posting this in the right area. We purchased our house in Aug. 2007 for a little more than we wanted to spend. We've had trouble making the payments since the beginning. We struggled through & were reassured by our mortgage guy we would be able to refinance in a year & get a lower interest rate. Well we all know what happened to the market & we were unable to do the refinance. We continued to struggled & in June 2009 I realized we just couldn't do it anymore. I contacted Bank of America to see what help we could get. I was told we couldn't get help until we were in default. I asked about a loan modification & was told it could take up to 45 days to receive the paperwork. It never came. July & August payments were late. We never paid September or October. My husband hurt his back in September & had to go on sick leave. That meant we had to take a week unpaid. It really killed us financially because our daughter just went back to school & had her birthday. We had all of those expenses & then this unforeseen loss of a weeks pay right after. 2 weeks ago Fed Ex delivered a letter from BOA. It stated we could get a loan modification (which I had asked about in June). All we had to do was send in X amount of money right away. The next day we mailed out the check. A week later a man showed up at our door from a company called Titanium Solutions. He said he was a realtor & was contacted by BOA to come out & explain our options to us. The only thing he suggested was doing a short sale. We don't want to lose our home so we told him "no thank you". We then received the actual loan modification papers from BOA. I'm having trouble figuring out exactly how to fill out the 4506-T form. It's a Request for Transcript of Tax Return. I'm just not sure which lines I'm supposed to fill out. Also, here is a copy of the hardship letter I wrote up. I was wondering if you all could look over it & give me some feedback. I copied most of it from a very helpful thread here but changed it a bit. ffice:smarttags" name="City">ffice:smarttags" name="place"> To Whom It May Concern, I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan. Our number one goal is to keep our home and we would really appreciate the opportunity to do so. The main reason that caused us to be late is my income has been frozen since July 2008. Our medical co-payments have gone up and with an 8 year old daughter with a rare autoimmune disease, it adds up quickly. Our property taxes have increased. Olace w:st="on">urlace> car insurance and homeowners insurance have also increased. With the increase of property taxes and homeowners insurance our monthly mortgage payment increased as well. Our monthly utility bills have also gone up. Along with the pay freeze and all of our bills continuing to climb, I hurt my back in September and had to go on sick leave for the second time in two years. In order to do this, I had to take a full week unpaid. This makes it impossible to pay the bills when we are already living paycheck to paycheck. > > Soon after being late and our income not being nearly enough, we had fallen further and further behind. Now, it’s to the point where we cannot afford to pay what is owed to Bank of America. It is our full intention to pay what we owe. But at this time we have exhausted all of our income and resources so we are turning to you for help. > > We have maxed out our one credit card, taken out a line of credit from our bank and have even had to borrow money from a family member to make ends meet. We feel that a loan modification would benefit us both. The lowered monthly payment will be much more manageable for us. We would appreciate if you can work with us to lower our delinquent amount owed and or payment so we can keep our home and also afford to make amends with your firm. We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on. Sincerely and Respectfully, XX I would greatly appreciate ANY and all input. We've never been so far behind on our bills as we are now & it's just extremely stressful. I want to make sure we present ourselves as best as possible to the bank. Thank you, Jenna