Loan Modification Forum - LoanSafe.org - View Single Post

wcorsar · 04-22-2009, 01:29 PM

Hello, I'm not sure if this is in the correct forum. If not please let me know where would be a more appropriate place to post.

My situation is a little different from what I am seeing here in that I am attempting to be proactive prior to my incurring any late payments. I have recently been laid off due to my company sending work overseas rather then having Americans perform the work. (That a whole other topic for a different board)

In any event, given the current economic climate and the possible difficulty in finding another job real soon, I'm looking into doing a loan modification. I currently have a 15 year loan (about 6 years into it) with Wells Fargo at 5.125% fixed. The problem is that this particular payment is close to $1,400 a month with insurance and taxes included. Obviously, I would need to make close to what I had been in order to be able to handle this payment. That may not be possible in the near future. So, I am looking to modify it to a 30 or 40 year loan so I can lower the payments. This would give me a great deal of flexibility in the jobs I would be able to take in the near future, and thus hold onto my home.

I spoke with Wells Fargo and they are sending me the forms to fill out and want me to send a hardship letter as well. As you can see, I'm not in a hardship YET. However, I would rather avoid the hardship altogether bying taking a proactive approach. Can you give me some advice on how best to word this hardship letter to ensure I can accomplish what I am trying to do?

Thank You! (oh...and this is a very useful site!)

04-22-2009, 01:29 PM	#56 (permalink)
wcorsar Junior Member Join Date: Apr 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Examples of a Hardship Letter Hello, I'm not sure if this is in the correct forum. If not please let me know where would be a more appropriate place to post. My situation is a little different from what I am seeing here in that I am attempting to be proactive prior to my incurring any late payments. I have recently been laid off due to my company sending work overseas rather then having Americans perform the work. (That a whole other topic for a different board) In any event, given the current economic climate and the possible difficulty in finding another job real soon, I'm looking into doing a loan modification. I currently have a 15 year loan (about 6 years into it) with Wells Fargo at 5.125% fixed. The problem is that this particular payment is close to $1,400 a month with insurance and taxes included. Obviously, I would need to make close to what I had been in order to be able to handle this payment. That may not be possible in the near future. So, I am looking to modify it to a 30 or 40 year loan so I can lower the payments. This would give me a great deal of flexibility in the jobs I would be able to take in the near future, and thus hold onto my home. I spoke with Wells Fargo and they are sending me the forms to fill out and want me to send a hardship letter as well. As you can see, I'm not in a hardship YET. However, I would rather avoid the hardship altogether bying taking a proactive approach. Can you give me some advice on how best to word this hardship letter to ensure I can accomplish what I am trying to do? Thank You! (oh...and this is a very useful site!)