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.