Okay I wrote a hardship letter. I'd like constructive feedback if anyone has any. I used the templates provided in the tool area as a springboard.
I am wondering is there too much drama or emotion? Do I need more emotion in it? Also - with my tax lien did I word that properly? I don't want to sound like its a veiled threat but honestly do I understand correctly? If I don't make my payments and its foreclosed for real the IRS gets it right? So isn't it in
CW's best interest to help me keep it while I am working through the lien?
Okay here it is: fire away with the feedback, I'm open to all suggestions
To Whom it May Concern:
I am writing this letter to ask for assistance and help. My ARM went up this month and my income was significantly decreased this past year. I am a single mother of two young boys and I work very hard and bring in a solid, steady income but due to changes in my life and my business, my income is not enough to continue paying my mortgage as it climbs and will continue to climb with the adjustable rate.
I’ve gone through a lot of financial hardship this past year and I’ve worked very hard to keep current and not get behind. This month with the adjustable mortgage payment going up it was the last straw. My mortgage was originally written by another company and bought by Countrywide. I was assured that refinancing would be no problem but that turned out not to be true (according to your representatives) due to the downturn of the housing industry and I now owe more than the house is worth.
In the recent past, I have undergone quite a few changes in my circumstances:
1. This past year: As an independent contractor, the company I contract for changed the way their compensation plan is structured and I made $30,000 LESS last year than the year before. Significantly less than the amount that I was qualified for with my original loan criteria. I am under contract with them not to work with competitive companies so it’s not just a matter of leaving and performing the same type of work elsewhere without losing nearly ALL of my full time paycheck.
2. In 2007 I was legally separated - but taking care of his bills too.
3. In 2008 I went through a divorce and the judge split our medical bills and other debt down the middle.
4. As a single parent, I receive NO spousal support (some child support) from my ex-spouse.
5. I also went through some health issues and incurred a couple of trips to the ER -more medical bills! and additionally very recently had to have biopsy and tissue removed from one breast. Insurance did not cover all of that procedure as well leaving me holding yet another bill for almost another thousand.
6. My federal income taxes were not computed properly by my CPA a few years back and because of that I owe significant back taxes. The IRS has given me an installment agreement and they’ve also imposed a federal tax lien on this house and everything I own or may own.
I sincerely believe that I am a very good candidate for loan modification because I am motivated to keep a roof over my 2 year old and 10 year old sons’ heads. However, I also believe that if my monthly payments were reduced to an affordable amount, I could continue making my payments and keep my home.
Additionally, if I am able to keep making my payments with CountryWide this also allows me to continue paying off the IRS and eventually eliminate my tax lien. It also keeps my mortgage holder from losing my home to the IRS because if I can’t make my payments to CountryWide then the IRS has first dibs on my home. If I can’t pay my taxes because my mortgage payments are too high, I still may lose my home to the IRS.
A loan modification is in the best interests of both myself and the mortgage holder because it allows me to keep my home, pay CountryWide AND the IRS.
Please help me save my home. I am now one payment behind and this likely would not have happened if I had been able to refinance in December as I was led to believe would happen back when I agreed to the original ARM. I would never have agreed to this ARM if I had known that refinancing would not be an option now.
I sincerely want to stay current and keep current with my mortgage and keep my home. Please consider working with me and setting up a loan modification.
Respectfully,