Loan Modification Forum - LoanSafe.org - View Single Post

dthom · 12-04-2008, 05:44 AM

Here is what we came up with after looking at the example letters.

RE: Mortgage Modification
To Whom It May Concern:
We originally purchased our home in August of 2005 with a 2/28 ARM interest rate of 8.0%. In August of 2007 we refinanced to a 30 year fixed rate at 8.25% with a payment including taxes, insurance, and PMI of $1520.05 per month. An increase of $527.00 per month after adding in the taxes, insurance and PMI, none of which were included in the original payment. While this increase was a steep one we were told by our broker that in a year we could refinance again and get a better rate and lower payment.
As the year went on we found that Daniels paychecks as a truck driver became less stable. Changing drastically from week to week, sometimes by nearly $200 as the amount of freight being shipped is down drastically. But there is never a week that his checks are big enough to make up for what was lost on the slow week. Before this past year his checks were pretty much the same amount every week. The pay that I received is salaried and has not changed in 4 years, and there is no chance it will change any time soon. We find ourselves cutting back everywhere we can, from food, to clothes to just paying some bills late and now even making the hard decision to stop making payments on some credit card payments ,turning the heat down to 65 to keep the bill as low as possible.
We have had no problem making our payment the past 15 months and don’t want that to change but all things considered it is getting more difficult each month. I now pay on the 4^th,5^th or 6^th of the month instead of the first. This month we are hoping to pay by the 6^th,but are not sure we will have the funds to do that.

We have attempted three times to refinance this year as we had planned, but each time we were approved for a mortgage with a lower interest rate, we found the declining value of our home to be the biggest problem.. It is now, according to our research at Cyber Homes, worth $107,415 and our mortgage amount is $142,000 a drop of nearly 25% in just one year.
It is our sincere hope that you will be able to find that you will consider some type of modification of our mortgage.
We believe we have addressed the situation that we are currently in along with thousands of others.
Thank You for Your Consideration,

12-04-2008, 05:44 AM	#12 (permalink)
dthom Senior Member Join Date: Oct 2008 Location: St.Clair Shores,Michigan Posts: 699 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Dec. 1 ---loan mod's Here is what we came up with after looking at the example letters. RE: Mortgage Modification To Whom It May Concern: We originally purchased our home in August of 2005 with a 2/28 ARM interest rate of 8.0%. In August of 2007 we refinanced to a 30 year fixed rate at 8.25% with a payment including taxes, insurance, and PMI of $1520.05 per month. An increase of $527.00 per month after adding in the taxes, insurance and PMI, none of which were included in the original payment. While this increase was a steep one we were told by our broker that in a year we could refinance again and get a better rate and lower payment. As the year went on we found that Daniels paychecks as a truck driver became less stable. Changing drastically from week to week, sometimes by nearly $200 as the amount of freight being shipped is down drastically. But there is never a week that his checks are big enough to make up for what was lost on the slow week. Before this past year his checks were pretty much the same amount every week. The pay that I received is salaried and has not changed in 4 years, and there is no chance it will change any time soon. We find ourselves cutting back everywhere we can, from food, to clothes to just paying some bills late and now even making the hard decision to stop making payments on some credit card payments ,turning the heat down to 65 to keep the bill as low as possible. We have had no problem making our payment the past 15 months and don’t want that to change but all things considered it is getting more difficult each month. I now pay on the 4^th,5^th or 6^th of the month instead of the first. This month we are hoping to pay by the 6^th,but are not sure we will have the funds to do that. We have attempted three times to refinance this year as we had planned, but each time we were approved for a mortgage with a lower interest rate, we found the declining value of our home to be the biggest problem.. It is now, according to our research at Cyber Homes, worth $107,415 and our mortgage amount is $142,000 a drop of nearly 25% in just one year. It is our sincere hope that you will be able to find that you will consider some type of modification of our mortgage. We believe we have addressed the situation that we are currently in along with thousands of others. Thank You for Your Consideration,