[theylive]

Here's a copy of my hardship letter. I haven't submitted it yet, feel free to critique.

April 21, 2009

Dept.
Company Name
Address

Ref: Loan #
Condo address


To Whom It May Concern:

I am writing this letter to explain the combination of events that have caused me to become delinquent on my mortgage. I have operated in good faith to uphold my end of our agreement. Circumstances that occurred at the beginning of the sales and mortgage brokering process continue to increase in severity to the present. These issues combined, have created a situation that makes it impossible for my wife and me to continue live at unit ### (The Seasons). Our financial health is in ruins, our personal safety is at risk and the potential loss or damage to our property is great. I hope you will consider working with me and allow a short sale of my home.
Three years ago I was sold the above referenced condominium. The agent who sold me the unit actually lived in the complex, so I believed him when he told me there was a 5% cap on rentals. The truth was, that The Seasons was mostly (over 60%) rental units. Many of these are now section eight housing.
The mortgage broker inflated my income, and she arbitrarily changed verbally agreed upon conditions of the loan. I did not discover these discrepancies until the closing. Even then I did not notice them all. Under very high pressure with four other people at the table, they pushed and rushed me through the closing. I had noticed that I had a pre payment penalty on the second and I told them that wasn’t what we agreed upon. The Mortgage broker told me that was the only way to get the loan and that I would lose several thousand dollars and the loan would take months to push through and would have to go through underwriting again. When the dust settled I had a loan for over half of my income on a property that was worth far, far less than it was “appraised” for. As far as I can remember, there was no appraisal in the closing documents.

I have yet to see an appraisal and I believe my condo was falsely appraised. My unit supposedly “appraised” for $110k. No unit in the Seasons had ever sold for anything close to that. Currently the units in my complex are pending in the $20’s!
As they dangled the keys in my face I naively (foolishly) signed the documents. I trusted that the mortgage broker and realtor had my best interests at heart. I never suspected that they would lie to (and about) me. The end result was that I was manipulated and received a loan that I should have never been approved for.
As the economy deteriorates, my neighborhood has continued to decline and property values plummet. The criminal element has moved in and is destroying my neighborhood with violence and drug activity.

Ongoing events include:
-My wife being verbally assaulted.
-Confrontations and threats
-Vehicles have been vandalized
-Dirty diapers in and around the swimming pool
-Walked in on people having sexual intercourse in our clubhouse
- Vandalism to our condo/complex
-Habitual Littering
-Loud music at all hours
-Fist fights on a regular basis
-Loitering
-Rocks thrown at vehicles
-Gas siphoned out of my vehicle
-Hear loud music/sexual activity through the thin walls
-Section 8 housing i
-Break-ins and at least one home invasion
-Immediate danger concerns

I have filed over twenty police reports over the past two years. These are available at your request. We feel threatened and I am very worried about my wife’s safety. My wife is a full time nursing student and cannot study due to the loud noise heard through the thin walls and constant activity outside. We simply cannot afford to live this way anymore. I have medical and dental problems that need to be treated, but I am unable to, due to my mortgage payments being so high. I have never missed a payment or been late in three years until last month, as I must go to the doctor.

I run a small family business and we have had only a few jobs in the past two months, I am trying to make provision for the future, as the closing of the company doors appears to be near. At this time I have exhausted all of my income and resources so I am turning to you for help.

With much council from from my attorney, family, and my pastor they all recommend walking and potentially filing for bankruptcy. This is not a route I would like to take but in the event , that there is a deficiency judgement this will be the course of action. I requesting a short sale with NO RECOURSE.

My situation is not likely to improve any time soon, and I cannot sustain the payments on my salary. I believe that a short sale would benefit us both. I trust that you will consider working with me and I look forward to hearing from you soon.
Sincerely yours,