Repayment plan success?

[Moe Bedard]

You take the mortgage payment on the first lien, including principal, interest, taxes, insurance (including homeowners insurance and hazard and flood insurance) and homeowners association and/or condominium fees. Mortgage insurance premiums and second liens are excluded

and then you divide it by your gross income which is............

The borrower’s Monthly Gross Income is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income.

and that is the percentage that your payment would be to gross income.

[w.davis]

Can you all please look at my letter and let me know if it looks ok? I'm submitting it after being in a four month repayment plan and now we're applying for the modification. Hopefully we get it!

March 25, 2009
Name:
Address:
Loan#:
To Whom it May Concern:
I am writing this letter to explain our unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider 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.fficeffice" />>>
The main reason that has caused us to be late is we decided to accept a four month repayment plan in December to help us catch up on some of our other debts. Soon after accepting the repayment plan our son was admitted to the hospital for a severe asthma attack. He is now on 3 inhalers daily and permanent medication to control it and we’ve incurred a large hospital bill along with monthly copayments for the medications. On 02/16/09 my mother passed away and our family took on the financial responsibility as no one else volunteered to contribute to the expenses. Now, it’s to the point where we cannot afford to pay the shortage amount for the last four months of $. It is our full intention to pay what we owe. But at this time we have exhausted all of our income and resources so we are turning to you for help.>>
We feel that the burden of all these expenses that have been incurring during the repayment period have been somewhat manageable based on the current monthly payment on our first loan of $. It has allowed us to catch up on some of our credit cards even though we have been affected with these other impending circumstances. My husband and I know that if our payment is increased once again to anything higher than this that we would NOT be able to afford it. Our financial situation will be permanent as our son continues to battle his asthma and living in the valley it will always affect him. The death of my mother has exhausted what little money we had saved during the repayment plan as well as accrue more debt from having to borrow money to pay for all the funeral expenses.
Our situation has gotten slightly better as we’ve managed to pay down some of the other initial debt we had when we first started the repayment plan but we feel that a loan modification would benefit us both. We would appreciate if you can work with us to lower our delinquent amount and our payment so we that we can keep our home and also afford to make amends with your firm.
We have been loyal customers with Countrywide since 2003 with our first home and we truly hope that you will consider working with us as we are anxious to get this settled so we all can move on. I am also enclosing our last two paystubs as well as two months bank statements. If you have any further questions please don’t hesitate to call either of us. Our cell number's are xxx-xxx-xxxx and mine is xxx-xxx-xxxx.
>>
Thank you,
Mr. and Mrs. Davis

[Moe Bedard]

It looks great!


Good Luck with the mod!