hardship letter question, this is for chase..

[hypertweeky]

Question for you all.
I am helping my BF right a hardship letter, he has an outrageous interest rate.. and as of January is going up by 20%..
He has been thru a nasty divorce that cost him and arm and a leg however he does have a very good job and has been in the same company for 12 years, advancing in the company quite a bit.. I want to include this as well because I want to make sure they understand he does have a well paying job and if they work in getting a decent rate, he could afford making the payments u know?
I have written a draft.. and I wanted to ask you if he could include the fact that he and I are together as the positive note.. you know things are getting better because I now have another income in the home.. will that hurt??

Thanks!!

[Evan Bedard]

Hi hypertweeky,

I am helping my BF right a hardship letter, he has an outrageous interest rate.. and as of January is going up by 20%..
He has been thru a nasty divorce that cost him and arm and a leg however he does have a very good job and has been in the same company for 12 years, advancing in the company quite a bit.. I want to include this as well because I want to make sure they understand he does have a well paying job and if they work in getting a decent rate, he could afford making the payments u know?
I have written a draft.. and I wanted to ask you if he could include the fact that he and I are together as the positive note.. you know things are getting better because I now have another income in the home.. will that hurt??

It really depends.. Are you two easily able to make the monthly mortgage payments using both of your income?

[hypertweeky]

Originally Posted by Evan Bedard

Hi hypertweeky,



It really depends.. Are you two easily able to make the monthly mortgage payments using both of your income?

Yes, I just didn't want that to hurt us, you know they may think that we make too much.. he still has to pay other bills and has 2 kids, it all adds up you know, we just don't want it to go up so much that we can't afford it at all, we are trying to remedy the situation so it doesn't get out of hand. I know with NACA they are only going to look at his income.. so maybe I should stay out of the picture, or will NACA include me too?

Thanks!!

[lisasxr]

If the mortgage is in his name only, I'd start there. Use his income. Show that the payment adjustment is a hardship (I'm assuming from your post that the payment will increase by 20% in January)

Be specific - that you'd like a fixed interest rate for the remainder of the loan term, allowing for an affordable payment.

I would not put anything about your income or involvement in the letter. Don't give them any fuel in stating that the additional income makes his current situation affordable.