| Re: Proof of income? How do I attach letter?
Hi ***, Thanks for replying. Below is the letter we faxed this morning w/both of our w-2's.
We didn't actually call to get a loan modification. My husband called them last night to ask if the payments could be deferred for a month or 2 so we could get back on our feet. They told him to send a hardship letter, proof of income and a list of expenses. They also told us the loan(s) are financed by Fannie Mae.
Here are the loan details:
Loan #1
Originated 6/5/08 for $417,000 30 yr fixed @ 5.75% - Current principal $413,908.22
Loan #2 - 2nd mortgage
Originated 6/5/08 for $190,750.00 15 yr fixed amortized as a 30 year... balloon 15 years @ 7.375% - Current principal $189,715.01
I don't know if we'll qualify for a modification. We wanted to refinance to one loan at a lower interest rate, but I guess because of the property value and income situation, we weren't able to. My most recent assessment valued my home at $575,100 for 2009/10 and $476,500 for 2010/11 and the attached lot at $240,400 for 2009/10 and $242,400 for 2010/11. At closing, we paid $550,000 and 165,000 respectively.
Here's my letter:
March 4,
Bank of America
Attn: Loss and Mitigation
Loan Nos. XXX and XXX
To Whom It May Concern:
Unfortunately, due to unforeseen circumstances, we have come to a point where we cannot afford to make our next mortgage payment. We have been able to stay afloat by using a line of credit that we intended to use for renovations of our new home, but that has only gotten us deeper into debt. Our most important objective is to keep our home and we would really appreciate the opportunity to do that.
The main reason that we are in this situation is that although we closed on our new home in June, we have not yet closed on our old home. We have been in contract since November, but ran into a multitude of problems that have forced us into a prolonged closing process; and into taking a $30,000.00 loss in the sale price of our old home as well. In addition, a large source of our income is derived from a building we rent. The main tenant ($6,895.85 per month) has informed us that he is unable to pay the rent this month. My wife and I also take a quarterly salary ($5,541.00) from our business, and profit checks, as appropriate, which the business cannot currently afford due to dwindling sales. The last quarterly salary check we were able to take was on October 6th, 2008, for the last quarter of 2008.
As requested, below you will find a list of our personal income and expenses:
Current Income
Regular monthly rental income $8,445.85
Loss of main tenant rent -6,895.85
March Income 1,550.00
Expenses
Bank of America Mortgage #1 (New home) $4,254.92Bank of America Mortgage #2 (New home) 1,317.47Countrywide Mortgage (Old home) 3,100.09
Wells Fargo Equity (Renovation loan) 1,466.00
Auto Loan #1 264.22
Auto Loan #2 835.37
Utilities (both homes) 1,600.00
Health Insurance 1,404.72
Auto Insurance 324.66
Rental Property Taxes and Insurance 2,423.88
Misc. 870.00
Monthly expenses $17,861.33
We believe that this is a temporary situation and we would like you to work with us to modify our loan. We contacted Bank of America to try to refinance this loan but were unable to get a positive response. To date we have made all of our mortgage payments on time… we are trying to preserve our good credit rating as well as our most important asset, our home. We have a closing date for the old home set for the end of March. The proceeds of the sale will not only eliminate the Countrywide Mortgage, but will reduce the payment on the Wells Fargo Equity loan, as well as the utilities that we have been paying for 2 homes for the past 8 months.
Thank you in advance for your time and consideration in this matter. We are looking forward to working with Bank of America to resolve this situation. If you have any questions please contact my wife, Laura, at XXX-XXXX or myself. | 
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Proof of income? How do I attach letter? 
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