hardship letter crtique please - Loan Modification Forum

Magickman · 08-10-2009, 07:12 PM

Anything I should add?

THanks.

To Whom It May Concern:

I am writing this letter to explain my 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. 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 be late is an almost 40% reduction in our income. I am employed in the financial services business and due to the current economic climate, the firm has chose to cut my compensation by over $75,000 and a cumulative reduction of over $100,000 of the income that I was receiving when I bought the current property. My wife is currently looking for employment but jobs are extremely scarce.
Soon after being late and our income not being nearly enough, we had fallen further and further behind. Now, it’s to the point where we cannot afford to pay what is owed to Wells Fargo. It is our full intention to pay what we owe. But at this time we have exhausted all of our income and resources so we are turning to you for help.
While this change in income is permanent, it is our hope that the financial services business will improve or that I will find a higher paying position. When this may happen is extremely uncertain.

We have explored the option of either refinancing or selling our home. We paid $650,000 and owe approximately $600,000 for the home and the same model across the street recently sold for $450,000. This is a deficit of over $150,000 that we cannot recover in the current marketplace.

Our situation has got better because we have reduced all unnecessary expenses and we feel that a loan modification would benefit us both. We would appreciate if you can work with us to lower our payment so we can keep our home and also afford to make amends with your firm.

We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.

Corrina · 08-10-2009, 07:54 PM

Sounds great to me.... Good Luck!

Evan Bedard · 08-10-2009, 08:01 PM

Hi magicman welcome and thank you for joining the forum.

Your hardship sounds good, you can find quite a few hardship examples here as well:

Examples of a Hardship Letter

08-10-2009, 07:12 PM	#1 (permalink)
Magickman Member Join Date: Aug 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	hardship letter crtique please Anything I should add? THanks. To Whom It May Concern: I am writing this letter to explain my 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. 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 be late is an almost 40% reduction in our income. I am employed in the financial services business and due to the current economic climate, the firm has chose to cut my compensation by over $75,000 and a cumulative reduction of over $100,000 of the income that I was receiving when I bought the current property. My wife is currently looking for employment but jobs are extremely scarce. Soon after being late and our income not being nearly enough, we had fallen further and further behind. Now, it’s to the point where we cannot afford to pay what is owed to Wells Fargo. It is our full intention to pay what we owe. But at this time we have exhausted all of our income and resources so we are turning to you for help. While this change in income is permanent, it is our hope that the financial services business will improve or that I will find a higher paying position. When this may happen is extremely uncertain. We have explored the option of either refinancing or selling our home. We paid $650,000 and owe approximately $600,000 for the home and the same model across the street recently sold for $450,000. This is a deficit of over $150,000 that we cannot recover in the current marketplace. Our situation has got better because we have reduced all unnecessary expenses and we feel that a loan modification would benefit us both. We would appreciate if you can work with us to lower our payment so we can keep our home and also afford to make amends with your firm. We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.

08-10-2009, 07:54 PM	#2 (permalink)
Corrina Senior Member Join Date: Jun 2009 Location: Phoenix, Arizona Posts: 48 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: hardship letter crtique please Sounds great to me.... Good Luck!

08-10-2009, 08:01 PM	#3 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: hardship letter crtique please Hi magicman welcome and thank you for joining the forum. Your hardship sounds good, you can find quite a few hardship examples here as well: Examples of a Hardship Letter __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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