[philcyn11]

Re: Requesting Loan Modification

Dear Sir/Madam:

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

The main reason that caused me to be late is a medical operation and Illness. The hardship began August 22, 2008 when I had an operation and was forced to take a 6 month leave of absence due to complications.

Soon after being late and my income not being nearly enough, I had fallen further and further behind. Now, it’s to the point where I cannot afford to pay what is owed to Countrywide. It is my full intention to pay what I owe. But at this time I have exhausted all of my income and resources so I am turning to you for help.


Though I believe this situation to be temporary, I feel that one lowered fixed interest rate loan modification would benefit us both. I would appreciate it if you can work with me to modify the delinquent amounts and or payments and include the taxes owed and insurance into the modification so I can keep my home and also afford to make amends with your office. I am requesting one lowered fixed rate loan modification to include the PITI on the mortgage.


Though I am sure my situation will get better once I am well. Here is my current situation:



Hardship: while I have been off sick, the current job market has changed. I work for a small Defense company that has experienced a work slowdown. They are asking us to take a much reduced cut in pay to match the current pay rate comparable to other companies in our industries. This for me would be the equivalent of a 20k cut in pay. I have been offered other jobs in this industry and find that, to date, this salary reduction estimate is correct. Bills: My current car note plus insurance is expensive but manageable. My house utilities for electric and propane however have increased by 75% in the past year and are expected to increase again this year. Food and gas this year have also greatly increased.

My new home builder Ryland Homes has dropped the price of all unsold homes in my development, selling comparable homes for 199,990. I am currently paying 350.000 for my home, plus 3800.00 taxes and 650.00 insurance. This means my home has lost 150k in value in 2years. My property taxes are due in December 2008. There are currently 500 homes for sale in my area, most in foreclosure. Additionally, at the time I purchased/closed on my home, Countrywide only offered what is now called sub prime mortgage rates though I had prime credit.


Please be informed that I am currently working with loansafe.org and my case will be profiled on the public website. I am also working with NACA and Md. Housing and Rural Development.

I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on.

Sincerely and Respectfully,