Loan Modification Forum - LoanSafe.org - View Single Post

Mariel · 09-06-2007, 10:23 AM

Hello everyone,
We have a 80/20 ARM loan that was transferred to Chase 2 years ago. We fell behind when our business closed and we filed bankruptcy last year. We accepted a bad forbearance deal, and borrowed money from family in order to keep the house from foreclosing. We somehow got back on track, and have not had a late payment since December 06. I am self-employed in the food business, and my wife has a steady income. Business has slowed down dramatically in the past couple months, and as a result, we are 1 1/2 month late in our mortgage payment, and our rate will be adjusting in October, making our payments $600 higher. I am currently looking for permanent employment, but nothing yet.

I contacted Chase and they suggested that I send in documentation for them to see if they can modify our loan. This is our only option - I pray that this works. Before I send the hardship letter, I am doing some research to make sure it says what it needs to say. It sounds like everything depends on that letter. If you have a sample letter, I would really, really, appreciate it if you could post it, so that myself and the others in the same situation can write a good letter and increase our chances. Also, what kind of ratios do you think makes for a good candidate for loan modification?
Thank you in advance for your help.

09-06-2007, 10:23 AM	#1 (permalink)
Mariel Member Join Date: Sep 2007 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Hardship letter Hello everyone, We have a 80/20 ARM loan that was transferred to Chase 2 years ago. We fell behind when our business closed and we filed bankruptcy last year. We accepted a bad forbearance deal, and borrowed money from family in order to keep the house from foreclosing. We somehow got back on track, and have not had a late payment since December 06. I am self-employed in the food business, and my wife has a steady income. Business has slowed down dramatically in the past couple months, and as a result, we are 1 1/2 month late in our mortgage payment, and our rate will be adjusting in October, making our payments $600 higher. I am currently looking for permanent employment, but nothing yet. I contacted Chase and they suggested that I send in documentation for them to see if they can modify our loan. This is our only option - I pray that this works. Before I send the hardship letter, I am doing some research to make sure it says what it needs to say. It sounds like everything depends on that letter. If you have a sample letter, I would really, really, appreciate it if you could post it, so that myself and the others in the same situation can write a good letter and increase our chances. Also, what kind of ratios do you think makes for a good candidate for loan modification? Thank you in advance for your help.