First off, thank you so much *** for helping me get activated. I've been trying since Friday.
Here's our story. My husband is "self-employed". He is a garage door technician, so with the market being the way that it is, no one wants a new door and they aren't having the old ones worked on. Used to be he averaged between $1000 - $1200 a week so we didn't have a problem making our bills. Lately we are lucky if he brings in $500. I work full time as well but at $11.00/hour it doesn't go very far.
We have a 1st and 2nd mortgage with Litton Loan. We refinanced in 2007 to a fixed rate, but our credit wasn't the best so our first was for $160, 000 at 8.375% and the second was for $40,000 at 13.75%. Our payments are $1399.50 and $448.02. We just got a notice in the mail too that our 1st is going up $150.00 because of escrow fees.
I have talked to litton and turned in our financials. They asked for our bank statement and paystubs and a hardship letter. This is what I have come up with so far on my hardship letter. Wondering how it sounds, what changed I need to make? What would really help us is to have our payments lowered. Do they do that? Thanks for any help.
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Ms. Martin, We are writing today to explain our 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 Jeffrey is self employed in the construction industry (garage door service & installation) and work is spotty at best. We don’t know until a day before if Jeff will have any work. Shelly is currently employed but her hours vary and it sounds like they may be cut down. On average she makes $400 a week which does not even equal both house payments, not to mention all the other bills. We were not able to make December’s payment on the 1st mortgage until the middle of the month, and we don’t have the extra for the 2nd mortgage payment. We are not sure if we are going to have the money to make either mortgage payment for January. After being late on the second mortgage and our income not being nearly enough, we have fallen further and further behind. We are trying not to fall behind on the first but that is becoming increasingly difficult with no work out there and other utilities and vehicle payments past due. Now, it's to the point where we cannot afford to pay what is owed to Litton Loan. 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. >>
We feel that a loan modification would benefit us both. Work usually picks up in the summer time. We would appreciate if you can work with us to lower our payment and or delinquent amount owed 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. Sincerely and Respectfully, 
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so what the heck does that mean? 
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