Loan Modification Hardship Letter Help

[mu64me]

Needed some advise on my loan modifaication letter, my loan is with Countrywide. I am a single woman, I am not behind on my payment. I owe $89k on a $120k 20 year loan at 5.75%. I also have a HELOC (Golden 1) with a balance of $8,400 at 6.2%. My home appraises at about $180k. I was laid off in Feb. I would appreciate your advice on my letter and what to do about my HELOC /2nd.

Dear Countrywide Representative:
There have been significant changes in my financial situation since I purchased my home in 2001 that are having an affect on my ability to pay my mortgage.
My property is located in the city of Fresno . The poverty rate is 2x that of the rest of California at 22% below poverty level. Property values have drastically declined in this area. There are 2 foreclosures on my block and several more in the neighborhood, along with 3 properties across the street that have been for sale for over 3 years. My home is also located across from railroad tracks.
The income I once depended upon is no longer available. I was laid off in February by my employer after 13 years of dedicated service in a management position. My sole source of income is unemployment insurance. My bills have also increase having to now pay out of pocket for Cobra insurance. My new monthly income is $1900, my monthly expenses are approximately $3,100. I am diligently seeking employment in a city that has one of the highest unemployment rates in the state, with limited employment opportunities in my field. My unemployment runs out in 3 months.
To date I have made all payments on time, as my current situation stands I fear I cannot afford my payments and need to modify my mortgage loan. I am a financially sound and responsible individual who has fallen on hard times. It is my priority to keep my home. I have sought counsel from my financial advisor, CPA, to find create ways to cut back on expenses. I have done everything in my power to improve my situation. I implore you for your assistance in making my monthly payments more affordable. I respectfully request your consideration in modifying my loan before I fall behind.
Thank you in advance for your time and consideration in this matter. I look forward to working with Countrywide to resolve this issue.

Thank you for your input!

[Dan Bailey]

mu64me
Glad you found the forum and posted.
Your letter looks good. You may want to compare it to an example letter, which can be found here: Examples of a Hardship Letter To see if you feel you left anything out.

This is a good first step in the long process of saving your home. Hang in there and dont lose hope! Ask any questions you may have along the way!
Good luck!