I have been reading some of the example hardship letters that have been posted and I want to thank everyone who has contributed in an effort to help other homeowners. Thank you. I have attached my hardship letter in hopes of obtaining some feedback. I have an interview with a representative from Chase and this is one of the items that they have requested. I want to make sure I have a chance to modify my loan before it is too late. Any feedback will be greatly appreciate it. Thanks.
To Whom It May Concern:
I am writing this letter to explain my unfortunate set of circumstances that are now starting to become a desperate situation on how we are going to pay and prevent from being delinquent and or foreclosure on our mortgage. We have done everything in our power to make ends meet and although we are not or have not yet been late in our monthly payments, this will soon change. Therefore, I am writing this letter to you for your consideration in working with us to modify our loan. Our number one goal is to keep our home and we would really appreciate the opportunity to do that.
In June of 2008, I was released from my job at CNA due to a reduction in workforce. I was given a severance package which soon was depleted trying to make my mortgage payments and other living expenses.
In September of 2008, I found a job in a law firm. I was ecstatic and grateful because I could now see the light at the end of the tunnel. This was soon darkened by another reduction in workforce in February 2009.
It is June of 2009 now and I’m still unable to find work. I have been collecting unemployment since February. This, of course, although it is a help as a supplemental income, it is not enough to cover our mortgage payments and living expenses.
My husband, is the only main bread winner in the family right now and his income varies from paycheck to paycheck because he is self employed (truck driver/owner operator). His job has been slowing down since the economic downfall. As you can imagine, he hauls building materials. I do not have to tell you how the real estate market is and because of this his work orders have been reducing down more and more each week. I know that the company he is working for is trying to do the best they can to keep all the drivers working and for that I am grateful. It’s hard to make ends meet on two incomes let alone one income.
I know it will take time for the economy to get back to the way it was if not better but, for now, we need your help. Our monthly payments are high, $2550.55 a month (this includes our escrow). We have a conventional loan w/o PMI/ARM loan at 7.55% interest rate which will adjust in the year 2010. We would appreciate the opportunity to work out a loan modification where our interest rate will be frozen at a low rate (lowering our monthly payments) for a 30 year fixed rate mortgage. If the rate is just frozen for a couple of years we will find ourselves in the same situation in a few short years from now.
Please take the time to review the information we submitted and consider our request. It is very important to us that we keep our account in good standing and preserve our credit rating as well as protect our main asset, our home.
Thank you in advance for your time and consideration in this matter. We are looking forward to working with you to resolve this situation. If you have any questions please do not hesitate to contact us.
Respectfully submitted,