Recreational items

[rbr2328]

Will recreational item loan payments hurt you when considered for a modification. I am asking about items such as boats purchased 2 years ago and now have negative equity.

[Moe Bedard]

They would count same as cars on financials.............

You may want to give the information about your lender, loan, steps taken so far and so forth..............so you can ask questions about the process and the information would be here to help us answer.

[rbr2328]

Just beginning the process. I have my financials together and will be working on hardship letter tomorrow. i am current on the mortgage but have a 8.75% rate that is into the arm but due to market did not increase and next adjustment is next month. I have compiled all income and expenses and have a surplus of 400$ based on gross income versus monthly expenses. The current loan is with Litton and was told to fax all documents to them

[rbr2328]

My wife is not on the loan and is a new realestate agent and doesn't really have any income and what income she does have mainly pays her personal bills. We were married last year does she need to be included on the loan?

[rbr2328]

To whom it may concern:
fficeffice" />>>
I am writing this letter out of desperation for assistance. Although I have not fallen past the late period on my loan to accrue late charges I constantly struggle. I did fall short on my property taxes last year and Litton did pay a portion of those. This year although I was late paying them I did pay them however Litton mailed a check to the county on the same day I paid them but I was assured by the county it would be returned to them. I am a self employed grading contractor and was busy when the housing industry was booming. Since the housing market crash my business in slim to none. I have negotiated a deal with my fathers company who specializes in municipal work and been put on a fixed income of $1600/week. It is stable but I do live paycheck to paycheck and sometimes the money is slow coming in but is guaranteed once he is funded on a project. I have sold off everything that had equity or could get out of and have run out of options. My goal is to keep my home because I bought it with the intention of staying here for a long time to come.
>>
When I purchased the home in 2006 the mortgage broker quoted one rate that was fixed and then at the closing table it changed to 8.75% and was on a 2 year ARM. She assured me the loan would be very simple to refinance in 2 years and the rate would be extremely low. I am now 5 months into the first phase of my ARM and due to the low market it did not go up, however April 1 it is due to increase again and I am not sure what I can do. I really just want a rate I can live with for the life of the loan and not be worried about refinancing again. I am not worried about today’s value because the market will return and what I purchased it for is what it is worth to me. I would greatly appreciate your assistance and consideration.

[Moe Bedard]

You would need to contact the lender and ask...............some allow household income because you are having to show household expenses which would include you and your wife................some don't.

[Moe Bedard]

These are what most lenders consider to be generally acceptable hardships....

1. Loss of job or reduction in income
2. Death of the homeowner, spouse or family member
3. Illness of homeowner or family member
4. Divorce or separation
5. Forced job relocation by employer
6. Adjustable rate reset-payment shock

The best way to set up a hardship letter..........

* First, describe the hardship and the circumstances that caused it
* Explain what steps have been taken to correct the situation
* Provide the lender with your plan to get back on track and stay there
* Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home.










Here is a link to some examples........
Examples of a Hardship Letter


Please keep all questions and updates here in one thread........it makes it easier for us to follow your story and answer questions.......

[rbr2328]

What am i missing? The letter explains the loss of work and what I have done to resolve it by negotiating a fixed income.

[rbr2328]

Is this better?

To whom it may concern:
fficeffice" />>>
I am writing this letter out of desperation for a modification on my mortgage. Although I have not fallen past the late period on my loan to accrue late charges, I am constantly in a struggle. I did fall short on my property taxes last year, and Litton did pay a portion of those. This year, although I was late paying them, I did manage to pay them along with accrued late charges. This past week I was notified by Litton that they had mailed a check on my behalf to the county on the same day that I paid them, but I was assured by the county the check would be returned to them.
I am a self employed grading contractor and was busy when the housing industry was booming. Since the housing market crash, and down turn of the local economy, my business in slim to none. I have negotiated a deal with my fathers company who specializes in municipal work and have been put on a fixed income of $1600/week. It is stable but I do live paycheck to paycheck and sometimes the money is slow coming in but is guaranteed once he is funded on a project. However, if the local economy continues to slow, my current salary is not guaranteed. In the future my salary could ultimately reduce as many other employees have experienced a reduced salary in the past months.
To keep from falling behind on my mortgage and monthly obligations, I have sold off all of my possessions that had equity or could possibly make a profit. I have depleted all of my options.
While taking into consideration my constant struggle to survive month to month and the uncertainty of the economy in upcoming months I have decided to be pro-active in trying to save my home from foreclosure. My family and I plan to occupy this residence for many years to come. I do not want to risk losing my home, but every month that passes the threat of losing my home is becoming more and more evident.
>>
When I purchased the home in 2006 the mortgage broker quoted one rate that was fixed and then at the closing table it changed to 8.75% and was on a 2 year ARM. She assured me the loan would be very simple to refinance in 2 years and the rate would be extremely low. I am now 5 months into the first phase of my ARM and due to the low market it did not go up, however April 1 it is due to increase again and I am not sure what I can do. I really just want a rate I can live with for the life of the loan and not be worried about refinancing again.
>>
Thank you for your time in reviewing this letter and my mortgage. I would greatly appreciate your consideration and assistance.
>>

[Moe Bedard]

I had posted that on this thread before seeing the other thread that you had started regarding your letter.....


which is why it is easier to keep things in one thread........


the letter is good.......short and to the point and is structured correct.

[rbr2328]

I am showing a surplus of just over 200$ after expenses and this is based off of gross income because I am paid and 10-99 at end of year. Most of my income is written off because of expenses and interest. Does this sound adequate? I included insurances, credit card minimums, property taxes, utilities(phone,cable,power,trash pickup,community dues), fuel, meals, and clothing

[rbr2328]

Originally Posted by *** Damiano

I had posted that on this thread before seeing the other thread that you had started regarding your letter.....


which is why it is easier to keep things in one thread........


the letter is good.......short and to the point and is structured correct.

What a relief I thought you meant to start over. Thank you for your help

[rbr2328]

Do I need to be specific on items on the monthly expense sheet or add up all my different insurances and just put insurance in a column. For example with my business and vehicles it is 3 different companies.

[Moe Bedard]

you would need to log into your account to fill out the financial form for Litton...........

https://www.littonloan.com/fin_info_mod.asp

what is needed should be listed there..........

[rbr2328]

I did that last week but there form does not work well for self employed

[Moe Bedard]

some that are self employed have gone through financials with their accountants to do a P & L ...............or you can try to go over what is needed with Litton............every investor has a different criteria as to what they look at for expenses and income.