modification letter - your opinion - please.

[I_mblue]

I'm about to send this letter to the bank. my first request was denined based on that i didn't qualify for "whatever" they had me apply for. this time is because i have a negative amortize loan, but they still need me to submit a letter. any comments? good? bad?


To Whom It May Concern:

I am writing this letter to explain the unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and I would really appreciate the opportunity to do that.

The main reason that caused me to be late is a change in income. I had rental property that was helping me with my home expenses. Unfortunately I have lost the property and I had to turn it back to the bank. I was hospitalized early April and had to pay a high deductible and 20% responsibility. My car was totaled a month after and between prescriptions, office visits, outpatient services and lab co-pays I have fallen further and further behind on my home loan. The loan that I currently have is amortized and it accumulates $500 a month towards my principle making it very hard to catch up to the original principle balance. Now that my health is much better, I don’t expect to have as many expenses as I’ve had in the previous months.

Is it possible to have my current amortized mortgage loan converted to a 30 yr fixed conventional mortgage loan? I strongly feel that by modifying my loan I will be able to retain my home under my current financial situation

Currently my monthly net income from my full time employment is $2197.06. I am also the payee for my son, who is mentally challenged and receives $529 per month from Social Security.

It is my full intention to pay what I owe, but at this point I do not see how that is possible. I will make a partial payment of $600 this week via US Mail. With the advantage of a loan modification, I feel I could make the payments on a regular basis.

I truly hope that you will consider working with me and thank you in advance for all the attention and effort that you will devote to my request.

[Evan Bedard]

Hi mblue welcome and thank you for joining the forum.

Your hardship letter seems good, if you would like you can also find quite a few great examples on this thread:

Examples of a Hardship Letter