| Looking for feedback on the following hardship letter
Hello all, thanks in advance and best of luck to everyone!
I am open to suggestions, recommendations, etc. on the following hardship letter:
To Whom It May Concern:
We are writing to request a modification of our 80/20 loan. We are greatly concerned about our ability to keep up with mortgage payments due to recent cutbacks at our jobs. My hours at work have been cut from working a 40-hour week down to a 28-hour week causing a significant decline in our income. My husband is employed in a seasonal line of work and is also experiencing a decrease in hours and income.
When we attempted to refinance our loan earlier this year and spoke with a Countywide Loan consultant, we were told that unfortunately, with the downturn in the market, we would not be able to refinance, as the value of our home is less than the loan amount. Our current interest rates are at xxx% and x.x%; we are requesting any arrangement that would either lower the rates and/or combine the two loans into a single fixed rate loan.
We are responsible people and are contacting Countrywide to be proactive before any problems arise. We believe it would be mutually beneficial for us to come to an agreement on a loan modification. We have attached our list of expenses and most recent pay stubs for your review.
We appreciate your time and consideration and look forward to discussing our options.
Sincerely, |