Modification GMAC

[dguzman]

Hello, I was hoping I could have someone review the hardship letter I have put together for a loan modification through GMAC? Thanks!

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. I have never been late on my payments in the past. My number one goal is to keep my home that I have lived in for 20 years and I would really appreciate the opportunity to do that.

The main reason that caused me to be late is I have had a major reduction in salary, in fact zero now. I’ve had my company, XXX, Inc. for the last 5 years and I am the only employee. I started out on a very part-time basis and a couple of years ago when my full-time W2 employer (XXX Co.) at the time went bankrupt; I decided to concentrate on my business full-time in order to survive and have never had start-up capital, just personal credit for XXX, Inc.. It actually took off better than I ever expected. I provide IT Staffing and Recruiting support for very highly technical positions and very hard to fill positions that require clearances for various federal agencies, i.e., NASA, Dept. of Army, ATF and many other DoD sectors. But because of the type of specialty recruiting that I do for the government, funding on projects that I was supporting was put on-hold due to our economic crisis. It has now affected my business literally overnight. All my job orders have been put on-hold till further notice. I had great potential as I am also awaiting my 8(a) certification from the Small Business Association (SBA) in Washington DC. This would allow me to grow my business and now that is on-hold as well. So now that everything is on-hold and I have exhausted all my personal credit in order to make ends meet and this has now really affected my personal finances. I also have two sons in college full-time which has also added additional expenses to my situation.fficeffice" />>>
Soon after being late and my income not being nearly enough now, I have fallen behind by 1 month and expect it to be late for the following month. I have made all of my mortgage payments on time in the past. I am trying to be proactive because I want to preserve my good credit rating as well as my most important asset, my home. It is my full intention to pay what I owe once government funding is back on track, therefore, it will funnel down to my business of Technical Recruiting for Federal agencies. But at this time I have exhausted all of my income and resources so I am turning to you for help.

This should be a temporary setback, and wish I knew when this will be over, but I expect it to last approx. 6 months if not sooner.

My situation has not gotten better because of the major reduction in salary and I feel that a loan modification would benefit us both. I would appreciate if you can work with me to lower my payments so I can keep my home and also afford to make amends with your firm.

I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on.

Sincerely and Respectfully,

[Moe Bedard]

Hi dguzman,


Welcome to the forum and thank you for joining............


The letter looks good.............


Keep all updates and questions here in your thread.