Hardship Letter

**Hopeful23** · 03-26-2010, 10:40 AM

I am getting my paperwork together for my HAMP loan modification and have written a hardship letter. i was wondering if anyone could look it over and see if there are any pointers for this: TIA

To whom it may Concern,
I am writing this hardship letter to explain our unfortunate circumstances which have caused us to reach out to you for a loan modification under the Making Home Affordable program. I am a business owner and have had to take significant pay cut due to loss of business during these tough times. I have lost an average of $2,000.00 per month and this is causing it quite hard to stay current on my mortgage with Bank of America.
My mortgage as type is currently C/PMI. I have tried to get the PMI removed ($222.00 per month) but to do this the value of my home has to be a certain percentage higher than what is owed, with the current housing situation my present principal balance is $392,259.00 and my house was last assed at around $375,000.00 (I owe around $15,000 more than my house is currently worth).
I have been cutting down other expenses in hopes to help pay my monthly mortgage and utilities. I have cancelled a gym membership, stopped paying for a weight loss program that had a monthly bill, no longer eat out and watch cut down the food costs when food shopping each week. I am currently looking for a part time job to help catch up with but have not been successful with this as owning my business does take up quite a large amount of time.
I have been and hope to stay current on my mortgage payments and think that this loan modification would be a great aid in this. I am also working with my credit card companies to keep my credit in a good standing and am hoping that this program will help me stay on track. I look forward to taking the next steps and hopefully get approved for a loan modification.

**Evan Bedard** · 03-26-2010, 12:37 PM

I am currently looking for a part time job to help catch up with but have not been successful with this as owning my business does take up quite a large amount of time.

I think your hardship letter looks fine except you may want to exclude this part. If you say your looking for more work they may just try to offer you a forbearance or something else that is only temporary assistance. You want to make it clear that you need a lower payment to better afford the mortgage..

**Hopeful23** · 03-26-2010, 12:45 PM

okay great i will remove this part. you do not think i missed anything or made it to "wordy"

**Hopeful23** · 03-26-2010, 12:48 PM

After posting this I also realized that I forgot to add that I have also rented the top floor of my home for supplemental income and have included the proper documents (lease agreement and canceled checks) do you think this is something i should be including?

**Whittier** · 03-26-2010, 02:08 PM

you're no longer required to send a letter, all you need is the RMA. The only time you need a letter is for the in-house mods.

my co-workers applied and was told so, this is effective 03/01/2010

**Hopeful23** · 03-26-2010, 02:22 PM

Whittier i actually called today bc there is a small space on the RMA that says to explain and it says to continue on the back of page 3 if you need more room so i had called to ask if it would be better to send a letter and they said that's fine. i am a little hesitant because I don't want to do the wrong thing here. now i'm not sure what to do

**blue44** · 03-26-2010, 03:06 PM

Originally Posted by Whittier

you're no longer required to send a letter, all you need is the RMA. The only time you need a letter is for the in-house mods.

my co-workers applied and was told so, this is effective 03/01/2010

Hi Whittier, What is an RMA?