help w/our hardship letter for investment property

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Hi, can anyone help us w/our hardship letter? we tried to follow the other examples give by Moe. We own a condo that we live in here in SD. The problem is a rental property in arizona. we have an arm set to expire in 2017 and the interest rate is 6.5%. My husband is on a work furlough and has lost 14% of his pay plus now his union might strike. we are looking to get a fixed rate on the loan for the investment property. Any feedback will be greatly appreciated!!! Thanks so much!! Joely & Mike


To Whom It May Concern:
We would like you to consider working with us to modify our loan. All of our mortgage payments have been made on time for the last two years and we don't want that to change. We would appreciate the opportunity to work out a loan modification to a 30year fixed rate loan with a 5.5% interest rate (we currently have a 10 year interest only loan). Our number one goal is to keep our home and not lose it as a foreclosure. We assure you we have every desire to retain our home and repay what is owed to Wells Fargo. But at this time, we are close to not having the money to make the payments which is why we are turning to you for help.
1.Due to the poor economy, my husband has received a 14% pay-cut since April 2009. This is scheduled to last until June 30, 2010. His income is the main source of revenue for our family, and this has greatly affected us.
2. Our renters lease expires in November 2009, and they have indicated to us that they might not renew their lease. The rental market right now is terrible too. We have no property manager (to save money), and it could take us many months to find a new tenant. The rental income helps to pay the mortgage, so without that, we cannot pay mortgage, HOA fees, and insurance. Since this isn't our primary residence, it has to come second to our other home.
3. When we bought the property in 2007, the real estate market was a completely different place. We purchased the home at $118,000 and now it is worth about $60,000. The house is now worth approximately 50% less than what we paid for it two years ago.
4.My husband's union is looking to strike. If this happens, we only have 3 months worth of mortgage saved for our primary residence. We will have only my job's salary, and that just covers the smaller monthly expenses, not the mortgages. In the August 2, 2009 edition of the local paper, there was an article that stated 74% of the union approved going forward with a strike.
We are optimistic that you will be able to work with us on a loan modification for our mortgage. We do not want a foreclosure on the property, but because of the circumstances mentioned above, that could be a real possibility in the near future. Thank you in advance for your consideration