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This is a discussion on Examples of a Hardship Letter within the Loan Modification forums, part of the Foreclosure Forum category; Hi, I was hoping someone could review my hardship letter and provide me with some feedback. Thanks for the help!
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Hi, I was hoping someone could review my hardship letter and provide me with some feedback. Thanks for the help!
Dear Sir or Madam,
We are writing this letter to explain the extreme hardship our family will face when our balloon loan reaches it maturity date.
When we were buying our home in October of 2005 we knew we needed to refinance our loan right away to get out of the balloon loan, but the housing market changed to quickly and within a couple of weeks after our closing we lost the equity we needed to refinance. Since that time we have tried to pay as much as possible towards the principle of the loan without much success. The cost of living, child care, and the need to replace both of our vehicles has hampered our efforts in paying down our loans.
In our current situation we are unable to contribute any money to savings or emergency funds. We have approximately $300.00 in savings/emergency fund $300.00 is not enough money to cover one month worth of bills. If I was to lose my job we would certainly lose our home. Additionally, living in New England means harsh winters, if we needed to perform any vital repairs to our home or replace a hot water heater or a boiler $300.00 would not cover the labor never mind the cost of the parts. We would go without heat and be forced to move out.
In November 2015 our loan payment will change and we will be paying interest and principle. Our current monthly payment (interest only) is $1867.04. When the balloon loan reaches maturity it will cause our payment to dramatically increase to the amount of $2628.79 per month. When factoring in Taxes and insurance (if neither were to increase over the next few years) our monthly payment would be $3299.40 per month. Our current income does not support an increase of this magnitude. As a matter of fact, a monthly increase of this amount will ruin us financially and within a few short months of this adjustment we will surely fall into foreclosure as we will not be able to afford the monthly payment.
We would appreciate the opportunity to work out a loan modification where our loan can be adjusted to a non balloon type of loan. With this loan modification we also ask you to lower our interest rate to the lowest possible rate for the duration of the loan. We would like to have our new monthly payment to be as close to our current payment as possible, ultimately a lower payment would be better and allow us to save for an emergency fund.
Please take the time to review the information we submitted and consider our request. It is very important to us that we keep our account in good standing and preserve our credit rating as well as protect our main asset…our home.
Thank you in advance for your time and consideration in this matter. We are looking forward to working with Option One to resolve this situation. If you have any questions please contact us at 555-555-1212
Well, called back and was a assigned a negotiator. Said would be getting a valuation of the property and submitting it and to call back in 2 weeks.
Then.......we received a forbearance in the mail via Fedex the following day. Oh no, their paths crossed. Will they still work on the current modification to lower the interest rate or go with the one we received?? Help, anyone!!
Using the sample letter provided here, i have drafted a hardship letter for my case. I would appreciate if you can provide your comments and/or suggestions.
Thanks.
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I am writing this letter to explain my unfortunate set of circumstances that may cause us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we are falling 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.
The main reason that caused us to request a modification is a dramatic reduction in our combined income. The reduction in our income is due to two events:
Subsequent to losing my job in January’09, I am earning 23% less annually since March’09 after starting in a new consulting job
My wife who is a co-borrower on this loan lost her job in March’09. Since then we have been living on single (my) earnings.
>>
I was working for XXX for over 4 years when it was seized and sold to XXX in September’08. Subsequently over 3000 employees were laid off in January ’09. I was one among them. I started looking for a job and in March’09 found a job as a consultant with XXX Ltd with an annual salary of XXX USD. This pay is a 23% decrease from what I was getting in my previous job. Then to make things worse, my wife who is a co-borrower on this loan lost her job in the same month (March’09). Combined with my reduced income our overall income has dropped by approximately 58%. Owing to the changes in our employment conditions, we have been paying an increased cost to our health insurance. Currently our monthly expenses including mortgage and escrow payments are far exceeding my monthly income (by approximately 1200 USD). >>
To make timely mortgage payment and meet all other expenses we have been using our savings heavily since April’09. And we have fallen further and further behind on our savings. We have specific planned expenses for the future for which we have reserved our remaining savings. The savings we have left are for the children we are planning to have, emergency expenses, other outstanding debts and my plans to earn a MBA degree. Now, it’s to the point where we cannot afford to pay what is owed to DCU. >> As you can see, we have never been late on our payments and have managed all our other debts and expenses very well. It is our full intention to pay what we owe and are very motivated to keeping our home. My wife is actively looking for an employment and we sincerely hope that she will find one soon. But at this time we have exhausted all of our income and resources so we are turning to you for help. We feel that a loan modification now would benefit us both. We would appreciate if you can work with us to lower the mortgage payment to an amount I can meet with my current income.
Keeping our home is our prime objective. DCU helped us realize our dream of owning our home. Now we hope that DCU can help us keep the home and continue living our dream. We truly hope that you will consider working with us and are anxious to get this settled.
I just stumbled upon this site while figuring out how to write a hardship letter for my aunt. She is behind 13 months of her payments and Wells Fargo wants a hardship letter but will she even be considered for the Home Affordable Program since she's already a delinquent for 13 months?
English isn't her first language and she doesn't know how to use the computer to look for solutions when it first started so she ended up not paying for 13 months. She was laid off Feb 2009 but she didn't pay off her payments even before she was laid off because she didn't get enough hours.
Does anyone know if there would be a chance for her to get any kind of help that Wells Fargo will offer or would they most likely blow her off? In my hardship letter should I include that she doesn't speak english that well and isn't computer literate and had to get help with writing the hardship letter?
I'm assuming that she is still not employed. If that is the case I would imagine that they probably wouldn't work with her. As far as being behind... I have heard of people behind a lot longer than that and have had luck.
I still doesn't hurt to try though... the worst they could do is say no. Good luck!
Well, we just checked in with the bank negotiator and she told us to disregard the Forbearance paperwork, that she had already sent in the paperwork for the Home Affordability Loan and that we should be receiving the papers in 2-3 weeks. Cross your fingers.
I just stumbled upon this site while figuring out how to write a hardship letter for my aunt. She is behind 13 months of her payments and Wells Fargo wants a hardship letter but will she even be considered for the Home Affordable Program since she's already a delinquent for 13 months?
English isn't her first language and she doesn't know how to use the computer to look for solutions when it first started so she ended up not paying for 13 months. She was laid off Feb 2009 but she didn't pay off her payments even before she was laid off because she didn't get enough hours.
Does anyone know if there would be a chance for her to get any kind of help that Wells Fargo will offer or would they most likely blow her off? In my hardship letter should I include that she doesn't speak english that well and isn't computer literate and had to get help with writing the hardship letter?
Download my free ebook and there are some examples in there as well as tips to help you through the process.
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We are 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. We would like to ensure you that our number one goal is to keep our home and we would really appreciate the opportunity to do that.fficeffice" The main reason we have become delinquent in our mortgage payments is our unavoidable children expenses had been increased in the last few years because we have a new addition in our family, a baby girl. As the result, our debts had been increased. We had borrowed money from relatives to buy our house because we always wanted to build a home to raise our kids; and still continued to borrow money after our second child was born. In November 2008, my sister needed money because she got cut back on her work hours and requested a return from us. >> Second reason, my husband’s income is reducing due to cutbacks overtime caused by downturn of the economy leaving us short to pay our bills. Soon after being late and our income not being nearly enough, we had fallen further and further behind. At this time we do not have enough income to pay our regular monthly mortgage payment. We have every intention of paying what is owed, but at this time we have exhausted all of my income and resources so I am turning to you for help. Therefore, we are turning to you for assistance. >> We are now trying to consolidate our debts into one account to reduce the monthly payment and cut back on all the unnecessary expenses. And also, we made payment arrangements and deferments where possible. When President Obama announced the Making Home Affordable Modification Program we knew this was our chance to get back in a firm financial position but we need your help to make it happen! We believe that a loan modification would be a benefit to all involved. We would appreciate if you could work with us to reduce our monthly payment so that we are able to stay in our home and keep us out of foreclosure; and also make it where we are able to pay our mortgage. We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on. We would be eternally grateful and appreciate your prompt response.>>
Well, we just checked in with the bank negotiator and she told us to disregard the Forbearance paperwork, that she had already sent in the paperwork for the Home Affordability Loan and that we should be receiving the papers in 2-3 weeks. Cross your fingers.
Iowagirl,
Congrats! I have BOA too. Please tell me how you submit your financial worksheet...I'm preparing mine right now....but don't know what to do. Please help.
Iowagirl,
Congrats!
I'm new to this and doesn't know the way to get around this thread.
Please tell me how you prepared your financial worksheet. I'm with BOA too. I'm working on my financial worksheet now. Did you submit your bank statements also?
Please help.
This is what came in my MHA loan modification package from chase its one in the same... it was a complete package they sent us including this document.........I am thinking everyone got it in their packet?????????
Hi...would appreciate any comments on my hardship letter. thanks in advance
Please work with me to modify my loan. I want to stay in my home with my children. I am a single mother of two young children. My ex-husband, used to help me by buying groceries and babysit our son, who is six years old. Regrettably, however, he has stopped helping me for over a year financially or by babysitting our son. This has caused strained in my budget and added expense of babysitter to pick my son from school and babysit him until I return from work. I have interest only mortgage that is due to reset next year, i.e. year 2010. My son has been diagnosed with severe allergies and needed to take allergy shots every week last year and now taking once in two weeks, this is added expense of $150-$200 in co-payments of doctor’s visits and medicines. One of my younger sister is living with me for two years, as going to college, as she does not have anybody else. I have used up all my savings to make mortgage payments on time. In addition, I incurred credit card debts to keep up with my mortgage payments and other expenses. Further, I even took loan from my retirement plan to keep cash in hand, as being scared to provide to my two young children. Hopefully, with your help, once my loan is modified, I will pay back the loan I took from my retirement plan with the money I have in my checking and brokerage account, that will add net money of $230.00 to my pay every month. I am working as a secretary for a very good firm for more than 10 years. However, today’s economy and job losses are making me very worried and I fear what “if I may lose my job”, “how I am going to pay my mortgage” “how am I going to raise my children”, as such, I am pursuing my bachelor’s degree in business administration, by taking online courses and CLEP (credit by examination), to help me find better paying job, but, in the meantime it is an additional expenses in already stained budget. Thank you for your help and understanding in this very stressful time. Please call me at ______.
(I'm new and don't know how to start my own thread, so forgive me!)
I am wondering if we would have any chance of getting a loan modification. We have our loan through Chase. We don't qualify for the MHA program, not just because our home isn't owned by fannie or freddie, but because we no longer live in the home. Here's the situation: My husband was told by his employer that they would most likely be cutting his job. He found a job in another state before his job was cut, so we moved there. We have been trying to sell the house we moved from since February with no luck. We haven't been able to find a renter for it either. We moved our large family into a tiny house which rents for the same amount as our house payment on the house we left behind. We have not ever had a late payment and our credit is good, but we are running out of money and getting deeper and deeper in debt from having to put groceries on credit cards in order to eat. We have lowered the price of our home from 200K to 165K which is break even point. We are considering trying for a short sale. We didn't lose a job at any point, our employer didn't relocate us, we relocated to avoid probable imminent job loss, and we aren't in default yet but will have to be soon. We aren't upside down in our house yet, just at break even, and our loan was a decent one, 5.7 percent on a 30 yr loan. But if we could get the interest rate lowered into the 3 or 4 range (I have heard this is possible) it would give us a little breathing room until the house sells or at least rents. Do we even have a chance under our circumstances to be considered for modification or forgiveness of some of the loan? I am wondering if we even have a chance at a short sale. Maybe we need to skip a payment first or at least be late? I need advice please!
Thanks
Re: Examples of a Hardship Letter IS this TOO much Info???
The following is what I have filled in on the Hardship Affidavit....
Is this giving too much info - ie medical condition - or is this ok?
Appreciate feedback please as I now have to send this in to Wells Exec contact along with all forms. They also asked for a sperate letter as well...Thanks in advance for your help!
"D has been employed in the Commercial Construction Industry for the majority of his career. As we know, this industry has been one of the most heavily affected in the overall economic downturn - especially here in the Inland Empire area of California.
D's employment during 2008 suffered due to the above and D last worked in March of 2009. He suffered a fall at home, which sent him to the hospital twice and required about 2 weeks recovery. His employer laid him off during/ after this time.
D's unemployment benefits expired in April of 2009 and he has not been granted an extension of any kind for unknown reasons. The benefits which were payable from January forward were stopped pending numerous hearings so he was not receiving benefits since appx. December of 2008. This was finally resolved in a late June hearing and he received back benefits in late August of 2009. However, by this time, he had gotten in arrears in mortgage and other payments including utilities and some utilities were shut off. This resulted in large amounts due as well as deposits for both Electric and Gas service. These as well as other past due bills consumed the back benefits. D was in the hospital and rehab facility in mid August due to a sudden attack of symptoms related to arthritis/ stenosis in his back. He is pursuing medical treatment with a neuro surgeon who is located in T.
D does receive Social Security and this is documented separately.
The loan referenced above appears to have been a refinance of a prior loan which took place in May of 2005. It also appears to be an interest only for the first five years with principal to be added to payments beginning in July of 2010. The payment is due to increase from the current payment of about $ 1,884 to appx. $2,250.
There is also an equity line of credit associated with the property, which has two lines.
All of these are with Well's Fargo.
I am acting under a Power of Attorney, a copy of which is attached. I have done my best to state the nature of D's hardship situation and to pursue whatever options are available to him under the H.A.M.P. program and to avoid the active foreclosure which is currently underway.
Note that items 9 and 10 above reference a "Trial Period Plan which is incorporated..."
we have not received a Trial Period Plan nor is one set forth here or been received."
Do I write a new hardship letter or should I just send in what they requested?
Hello-
I'm working with naca for a loan mod. My loan is with BoA (formally CW) and Freddie Mac is the investor.
We sent our documentation over 3 mos ago along with a hardship letter. Now BoA is requesting for an update of bank statements and paystubs....it wouldn't be a big deal, but our financial situation has changed.
My husband has filed for divorce, and I got a job. He is paying for everything until the divorce is final.
I'm not sure whether or not I should include an update to the situation or should I just hand in what was requested?
Please advise!!
As a part of the update, I was going to include a new hardship letter explaining the new circumstances. Is this a good idea?
We are 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. We would like to ensure you that our number one goal is to keep our home and we would really appreciate the opportunity to do that.fficeffice" The main reason we have become delinquent in our mortgage payments is our unavoidable children expenses had been increased in the last few years because we have a new addition in our family, a baby girl. As the result, our debts had been increased. We had borrowed money from relatives to buy our house because we always wanted to build a home to raise our kids; and still continued to borrow money after our second child was born. In November 2008, my sister needed money because she got cut back on her work hours and requested a return from us. >> Second reason, my husband’s income is reducing due to cutbacks overtime caused by downturn of the economy leaving us short to pay our bills. Soon after being late and our income not being nearly enough, we had fallen further and further behind. At this time we do not have enough income to pay our regular monthly mortgage payment. We have every intention of paying what is owed, but at this time we have exhausted all of my income and resources so I am turning to you for help. Therefore, we are turning to you for assistance. >> We are now trying to consolidate our debts into one account to reduce the monthly payment and cut back on all the unnecessary expenses. And also, we made payment arrangements and deferments where possible. When President Obama announced the Making Home Affordable Modification Program we knew this was our chance to get back in a firm financial position but we need your help to make it happen! We believe that a loan modification would be a benefit to all involved. We would appreciate if you could work with us to reduce our monthly payment so that we are able to stay in our home and keep us out of foreclosure; and also make it where we are able to pay our mortgage. We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on. We would be eternally grateful and appreciate your prompt response.>>
I would leave out the borrowing money part to buy your house and borrowing money again after the birth of your baby. And in my opinion, I'd leave out your sister. Do leave in your husband's hours being cut, make that the main reason.
Hello - I am really looking for some feedback on my hardship letter. We have been denied once, but our financials have changed (reduction of income) and we have one more chance to re-submit our documents. I have been told (by Chase) that they are not really considering birth of a child or even job loss as "permanent" hardships... so??
BTW, we've been in this process for 11 months now. It's an awful process - at least with Chase... I really hope others are having better luck than we are. TIA for the help - we've REALLY got to make this work!
***************
To whom it may concern,
We are writing with the hope of modifying the terms of our existing mortgage loan and HELOC. We intend to stay in our home and have every hope of finding a financial solution that will allow us to do so. We have every intention of honoring our mortgage agreement, we have excellent credit, and we have faithfully made payments for the past 3.5 years. We are turning to you now in every attempt to avoid certain foreclosure.
My husband and I are both self-employed. The events of recent months have yielded a sharp decline in earnings for both of our businesses. Our combined gross income is down 36% from 2008, as evidenced by the attached documents. The birth of our son last year has also resulted in an increase in family responsibilities and household expenses, as well as health care costs.
Although we do have funds in reserve accounts, these cash reserves are insufficient to maintain our payment schedule. We have been making modified trial payments for the past 7 months, and thus are now “behind” by $3,998.85 to our first mortgage and $3,061.69 to our HELOC. The funds required to bring our loan current will immediately eliminate any cash reserves we hold and a return to our scheduled monthly payments will make the sustainability of this loan impossible.
We are looking for a long term solution to stay in our home and payoff our loans with Chase. I am confident that this modification will give us the breathing room to keep our mortgage and taxes in good standing as well as to allow us to stay in our home.
Thank you in advance for your time and prompt attention to this matter. We are looking forward to working to resolve this situation. If you have any questions please contact us directly at 000-000-0000.
Hi all,
I have drafted the following hardship letter based on the previous threads on this forum. I would appreciate if experts here can critique it for me.
I am writing this letter to explain my unfortunate set of circumstances that may cause us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we are falling 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.
The main reason that caused us to request a modification is a dramatic reduction in our combined income. The reduction in our income is due to two events:
Due to the current state of the economy, I saw a dramatic drop in the revenues of my transportation business.
My wife who is a co-borrower on this loan has the number of hours in her teaching job reduced significantly. Since then we have been living on single (my) earnings.
I run a transportation business with a fleet of three refrigerated tractor/trailers. My business specializes in transporting perishable produce from Central California to all over United States. Due to a drop in demand for transportation, my business has seen a sharp drop in the profits in 2008 and 2009. The volatility in gasoline prices has further added to my business losses. My business registered a profit of $11,040 in 2007 and $8,136 in 2008. According the profit/loss statements for 2009, my business has profit of only $500 till October 2009. I have attached relevant tax and accounting documents for verification. The only reason we were able to meet our monthly expenses was due to my wife’s income.
My wife, who is a co-borrower in the loan works as a part-time substitute teacher in the Caruthers Unified School District. She is paid $22 per hour and her average monthly salary from this job was $2330 in 2008. However, she was notified in August 2009 that her hours have been cut by 6 hours per week. This translates to a loss in monthly pay of $530, a significant drop of 23% in her earnings.
When we purchase our home in 2006, I was planning to expand my business. I had bought three trucks from 2004 to 2006 and had planned to acquire five more trucks by 2009. My wife had cleared all requirements to be employed as a public school teacher and was interviewing for full time jobs in Fresno county. We were poised to see a steady increase in our income. However, the declining economy prevented me from expanding my business and severe budget cuts led to a freeze in the hiring of public school teachers.
To make timely mortgage payment and meet all other expenses we have been using our savings and borrowing from our children. As a result we have fallen further and further behind on our savings. Since the purchase of our home, our house prices have declined by 40%, which has made it impossible to refinance at a lower rate. Now, it’s to the point where we cannot afford to pay what is owed to Indymac Mortgage Services and the only way we can continue to make payments is through a loan modification.
Currently our first mortgage through your company Indymac Mortgage Services is an interest only loan and our second mortgage through Provident Funding is at an unbearable 8.5%. If we cannot modify my loan by to make the monthly payment affordable, we will inevitably lose our home. We would appreciate if you can work with us to lower our payments so we can keep our home and also afford to make amends with your firm by paying our mortgage on time.
As you can see, we have never been late on our payments and have managed all our other debts and expenses very well. It is our full intention to pay what we owe and are very motivated to keeping our home. My wife is actively looking for a teaching employment and we sincerely hope that she will find one soon. At the same time, I am also looking for employment as an administrator to supplement my business income. But at this time we have exhausted all of our income and resources so we are turning to you for help. We feel that a loan modification now would benefit us both. We would appreciate if you can work with us to lower the mortgage payment to an amount I can meet with my current income.
Keeping our home is our prime objective. Indymac Mortgage Services helped us realize our dream of owning our home. Now we hope that Indymac Mortgage Services can help us keep the home and continue living our dream. We truly hope that you will consider working with us and are anxious to get this settled.
I am writing this letter to explain my unfortunate set of circumstances that may cause us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we are falling 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.
The main reason that caused us to request a modification is a dramatic reduction in our combined income. The reduction in our income is due to two events:
Due to the current state of the economy, I saw a dramatic drop in the revenues of my transportation business.
My wife who is a co-borrower on this loan has the number of hours in her teaching job reduced significantly. Since then we have been living on single (my) earnings.
I run a transportation business with a fleet of three refrigerated tractor/trailers. My business specializes in transporting perishable produce from Central California to all over United States. Due to a drop in demand for transportation, my business has seen a sharp drop in the profits in 2008 and 2009. The volatility in gasoline prices has further added to my business losses. My business registered a profit of $11,040 in 2007 and $8,136 in 2008. According the profit/loss statements for 2009, my business has profit of only $3000 till October 2009. I have attached relevant tax and accounting documents for verification. The only reason we were able to meet our monthly expenses was due to my wife’s income.
My wife, who is a co-borrower in the loan works as a part-time substitute teacher in the Caruthers Unified School District. She is paid $22 per hour and her average monthly salary from this job was $2330 in 2008. However, she was notified in August 2009 that her hours have been cut by 6 hours per week. This translates to a loss in monthly pay of $530, a significant drop of 23% in her earnings.
When we purchase our home in 2006, I was planning to expand my business. I had bought three trucks from 2004 to 2006 and had planned to acquire five more trucks by 2009. My wife had cleared all requirements to be employed as a public school teacher and was interviewing for full time jobs in Fresno county. We were poised to see a steady increase in our income. However, the declining economy prevented me from expanding my business and severe budget cuts led to a freeze in the hiring of public school teachers.
To make timely mortgage payment and meet all other expenses we have been using our savings and borrowing from our children. As a result we have fallen further and further behind on our savings. Since the purchase of our home, our house prices have declined by 40%, which has made it impossible to refinance at a lower rate. Now, it’s to the point where we cannot afford to pay what is owed to Indymac Mortgage Services and the only way we can continue to make payments is through a loan modification.
Currently our first mortgage through your company Indymac Mortgage Services is an interest only loan and our second mortgage through Provident Funding is at an unbearable 8.5%. If we cannot modify my loan by to make the monthly payment affordable, we will inevitably lose our home. We would appreciate if you can work with us to lower our payments so we can keep our home and also afford to make amends with your firm by paying our mortgage on time.
As you can see, we have never been late on our payments and have managed all our other debts and expenses very well. It is our full intention to pay what we owe and are very motivated to keeping our home. My wife is actively looking for a teaching employment and we sincerely hope that she will find one soon. At the same time, I am also looking for employment as an administrator to supplement my business income. But at this time we have exhausted all of our income and resources so we are turning to you for help. We feel that a loan modification now would benefit us both. We would appreciate if you can work with us to lower the mortgage payment to an amount I can meet with my current income.
Keeping our home is our prime objective. Indymac Mortgage Services helped us realize our dream of owning our home. Now we hope that Indymac Mortgage Services can help us keep the home and continue living our dream. We truly hope that you will consider working with us and are anxious to get this settled.
HAMP - MAP internal with WACHOVIA and general MOD ?
I have a 1.1 mil neg am loan at 7.2% with Wachovia.
I have tried to get out of this since the summer of 2008.
No lender would touch a neg am for a refi in this down market.
I began my modification journey in January of 2009.
I do not qualify for HARP... I'm not Freddy or Fannie.
Since I was not late, I was never "flagged" for an internal MAP with Wachovia. I'm told you had to be delinquent.
Now that HAMP is on the scene, it seems you don't. MAP is more accessible.
But, I don't qualify for HAMP because I'm over the 725k loan amount.
Sadly, I've been told this is the best of mod programs out there.
Lenders love fed $ instead of their own.
I was told this week there is finally a mod packet in the mail for me.
I'm nervous about what will be offered.
I have read on this blog about verything from principal paydowns in the 30k-80k range, 40 year loans and 4%-5% rate reductions.
I have also read that the first offer is never a good one, you have to negotiate and go late and later on payments.
I have pretty much given in on keeping a 750 credit score.
I think that if I want a mod, my score will be pushed into the 500 to 600 range by the time I'm done.
My fear is also that I lose the credit score and end up with a minimal interest reduction.... then I lose the home next year because I can't keep making the crazy payments!
I have emptied my 401k, family savings and credit cards!
What frustrates the heck out of me is that you have to turn "bad" to get some attention! If you continue being the diligent loan holder who pays no matter what you will not be heard!
Why is that?
What hope do I have.
I think almost half the people blogging on here did not have to milk their 401's and savings... some even got decent mods.
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