ok, here's what i have for my letter so far. what do you think? any suggestions welcome...
Kristen Jenkins
3 Miranda Circle
Saco, Maine
Wells Fargo loan #0257147728
To Whom It May Concern:
I am writing this letter to explain my unfortunate set of circumstances that have caused me serious financial strain. It has become very difficult to continue to make my current payments each month. I am a responsible hardworking American and single mother. I have every intent on paying my note in full. However, at this time, I have had many unexpected costs in the past year, causing me to have to spend my savings to pay my Please read below, as I explain the different hardships I have experienced financially in the last year:
· I was rushed to the Southern Maine Medical Center in August 2008 for emergency surgery. I was in the hospital for 2 nights and had a laparoscopic appendectomy. My copay through my health insurance caused me to owe $1500 to Southern Maine Medical Center.
· While still paying off the hospital, we had a major ice storm in the beginning of December . We were without power for 6 days and it was below 0 outside. We had to stay in a hotel for 5 nights to avoid freezing to death. That was costly, plus additional costs for eating out and buying supplies to protect my pipes and my home.
· Oil prices were sky high, in the winter I paid almost $700 for one tank of oil. Normally this is $400 per tank.
· Mid winter when I did not have the money to buy oil, to conserve it, I used an electric heater to help heat my home. This resulted in a large electricity bill, which is still $602.34, but has been paid down substantially.
· My fiance, who provides $500 per month to me from his pay checks, was threatened with lay-off at his job. Luckily, he was fortunate enough to be able to take a pay cut and keep working for his employer. He has since been able to get his regular pay back and he is working on his own debts to get caught up.
· After all the surprise expenses, it was suddenly Christmas, and I had to use my credit cards to buy gifts. I charged more than I realized and I was in some credit card debt once again. I have been making payments on all of my cards, regardless. I have been able to pay off 2 department store cards, but the interest rates on the 2 major credit cards have skyrocketed and over $130 a month goes toward the interest on them. While the balances are very slowly decreasing, it is leaving me short for gas and groceries every week.
· To complete my transcription course and start working, I need to purchase a computer and an ergonomic workspace for my home. This is a career opportunity that will at very least supplement my current income before the end of the year if I can get everything I need to be sucessful. I am moving very slowly through my school course, borrowing a computer as often as possible.
· Most recently, I have worked from home through my employer for the past few years, helping to save on childcare/gas etc. The Work At Home Project was terminated, effective 7/6/09 and I am commuting once again. I incurred some one time expenses, such as clothing, I needed to be able to dress “business casual” at work. I needed to spend over $300 on my car, it needed a tie-rod and inspection, to be able to commute and avoid losing my job. I am now spending and additional $50 per week in gas, plus additional grocery funds for lunches. I had no child care costs before this happened.
I have worked hard to make my finances work and I plan to continue to make my payment every month olong with all of my other bills, until I am completely unable. I worked too hard to get my credit score back up to an acceptable level. To save money, I set up online bill payments through my credit union to make affordable payments on all of my bill. I eliminated all but our basic cable and added our phone to our cable service to cut out the phone bill. I have put away all credit cards for emergency use only. I have cut back on a lot of the organic foods I used to buy for my daughter, clip coupons and shop sales at the grocery store. I counted on my mothers to help buy summer clothes for her this spring. I have reduced my contributions to her college fund to $30 bi monthly until I can again afford more. I have only a few more weeks of school and I will receive my medical transcription certificate. I plan to begin earning extra money working part time at home along with my current job before the end of the year and within a year, I plan to be working full time at home again.
I am a responsible person, I fully intend to pay my mortgage note as required and it is very important to me and my daughter that I keep my home. I am lucky enough to live in a safe neighborhood where my daughter is safe to play outside. If I can reduce this, my largest monthly bill, I will be able to pay my debts more quickly, avoiding additional obscene interest rates and begin saving money again. I have talked with both of my credit card companies and I am unable to reduce the interest or charges that I incur monthly. There are a few things that could substantially help me:
· Lowering my interest rate to 2% would save me over $300 per month that could be directly applied to my other debt.
· Skip two months payments and put that $2626.00 toward my credit card debt.
· Rolling my credit card debt into my mortgage, having one lesser payment each month will enable me to make larger payments on the debt that I have.
I will be able to overcome these difficulties and make my mortgage payments with assistance on my mortgage from Wells Fargo:
· Eliminating my credit card bills entirely
· Working part time once I receive my certificate, with the goal of full time work-at-home work.
· When my fiance gets his raise in the beginning of 2010, he will be able to assist further in the payments than he is able now.
· When my fiance is finished paying his debts, he will be contributing more.
· I will not be using credit any longer.
· I am planning ahead and I am contributing to a Christmas club account to ease the Christmas financial strains.
· As my credit score increases, I will be able to get better interest rates on necessary loans in the future.
We would like to be considered for President Obama's Home Affordable plan or any other program that we qualify for. We are responsible hardworking homeowners and we do not want to lose our family's home. Please review our application and consider us for an ideal rate reduction to 2% for 40 years or help me another way to cover my bills while I am in hardship. Thank you so much for your help and we are anxiously waiting for your response.
Kristen Jenkins
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