Hardship Letter

[Micro]

I written a rough draft. Can someone please critique me. This is important to get approved for a loan modification. We are looking for any possible suggestions if any. Thanks.


Name:
Address:
Lender Name:
Loan Number:

To Whom It May Concern:
>
I am writing this letter to explain my unfortunate 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, the lender, to consider working with us to modify our loan. Our number goal is to keep my family and I in the home we live in. We would appreciate the opportunity to do that.
>
The main reason that caused us to be late and fall behind in our bills is due to the increase in Adjustable Mortgage Rate, the loss of income from my son(living with us), and also the addition of inclining medical, utility, and electric expenses. Without the financial help from our son, we find it hard to maintain our current principle monthly payment of $2400. He was helping us pay a portion of the mortgage payments, roughly $450/month. Our situation may well be a temporary situation until our son can help us make future payments on the mortgage. In the meantime, minus the income of my sons help affected our ability to make ends meet especially with the rise of expenses and the dwindling economic downturn. We cannot predict when or how much our son will help assist us in the future. We would relish the opportunity to modify the mortgage agreement that will fit our current financial status. If we could find a way to lower our mortgage monthly payments by modifying the existing mortgage agreement, this would give us a wider window to work with. Due to our recent household income, we hope you can assist us in finding ways to work within our means. We are willing to listen and do what is necessary to keep our home and credit with you in good standing. Also with increase of Adjustable Mortgage Rate to roughly under (0.9%) does not help our financial situation. The AMR and the loss of income from son, had a major affect in our monthly budget.
>
We understand that we have been delinquent for some time. However, a few months ago we have aggressively made triple payments on the mortgage to keep it in a current status. By doing that, we found ourselves digging ourselves deeper with our other expenses to maintain. These expenses involves bills we face on a daily basis, for instance, our home and our everyday lives, i.e. medical, utility, and electric expenses.

On a positive note, we believe that if you are willing and able to help us in any way shape or form to renegotiate the mortgage, it would help give us that extra lift to make future installments. We believe that it will take both parties (us and the lender) to make this work, especially, during the increase of foreclosure and the downturn of real estate market. We still remain optimistic even with the current events occurring around us. Also with increase of Adjustable Mortgage Rate to roughly under (0.9%) does not help our financial situation. The AMR and the loss of income from son, had a major affect in our monthly budget. Please keep in mind, our intent is to keep our house and maintain a healthy relationship with you. In order for us to do so, we need to go over our options in terms of modifying the mortgage agreement, and possibly getting a lower fixed mortgage rate.
>
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 (lender). It is our full intention to pay what we owe. But at this time we have exhausted all of our income and our resources so we are turning to you for help.

[Dan Bailey]

Micro,
That looks good....send it off!

[Micro]

Thanks Dan, do you have any other suggestions as far as what i should add or do within the modification loan process.

[Moe Bedard]

who is the servicer of the loan?

[Micro]

american servicing company is the servicer of the loan

[Micro]

I am also strongly of thinking about filing for bankruptcy do to my expenses. Do you think, I should put that on the hardship letter. Will it hinder me from getting a modification loan. I had a typo in that hardship letter. The real adjustable mortgage rate percentage is 9% not 0.9%. I just saw that.

[Moe Bedard]

If you file a BK...........then the loss mitigation dept. will not be able to speak with you regarding a modification because they are a debt collector and an automatic stay put in place by the bk would prevent it........you would then be dealing with the bk dept. with permission from the court.



call
ASC ART Team
1-866-398-7569

for the modification