2nd Attempt at Hardship Letter - Let me know your thoughts - Loan Modification Forum

SingleMomNCA · 10-09-2009, 02:05 PM

Hi LoanSafe

Okay, so I need your help.For those who have checked me out, you know that I was denied for a Loan Mod so I've decided to default and now I am attempting to try the process again. I have revised my hardship letter because the numbers speak for themselves. but I would love your insight before I submit my packet again.

I've attached the letter since loan safe isn't allowing me to copy and paste.

mom_of_two · 10-09-2009, 02:23 PM

Hi SingleMomNCA

I think its very good letter. I was able to paste it....this way it will be convenient to viewers to read and reply. Also mention that you are a single mom, even though its understood from your letter. Good luck.
____
LETTER FROM SingleMomNCA

ffice

ffice" />>>
>>
RE: Hardship Letter>>
>>
To Whom It May Concern:>>
>>
I am writing this letter to explain my unfortunate set of circumstances that have caused me difficulty in paying my mortgage timely. I have done everything in my power to make ends meet but I continue to have difficulties 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.
I was informed on September 30, 2009 that my attempt of a Loan Modification was denied. The value of my home is worth less than what I owe on the two mortgages and the programs needed to make my monthly payments reasonable simply do not exist anymore. Refinancing my home is no longer an option. When I originally got the loan with Washington Mutual, I was told that I would be able to refinance before the loan went adjustable. Now that I can not refinance I don’t know what I will do once my loan adjusts.
My mortgage payment (principal, interest, taxes, insurance and homeowners association dues) well exceeds 31% of my gross (pre-tax) monthly income. I have eliminated my savings and maxed out my credit cards just to make ends meet. I am hoping that there is a way to renegotiate the terms of my current mortgage to avoid the possibility of default or foreclosure on my home. I would appreciate any assistance that you can provide.>>
As of right now, I am 2 months behind on my mortgage payment (September and October). The main reason that caused me to be late is that I experienced several unforeseen circumstances that I just wasn’t financially prepared for: abolish
§ My car (which is my only form of transportation to and from work) had excessive repairs (including a rebuilt transmission) which have cost me in excess of $2,000.00 which abolished my savings.
§ Because of my car situation, I had to purchase a more reliable vehicle which has now increased my monthly expenses.
§ I am now the sole care provider of my ailing grandmother. Since she has been in my care, I have had to make adjustments and modifications (i.e. hospital bed) to assist in caring for her.
§ Also, I have maxed out all of my credit accounts, including taking a loan from my 403B – because of this my monthly expenses have increased even though I am only paying the minimum payments.
§ In March 2010 I will also lose about $4,992 of income yearly due my child support income ending (the non-custodial parent works for NUMMI motors which is scheduled to close in 3/2010. The order is currently upheld by a payroll garnishment but will cease)>>
I thought I would be able to “catch up” but soon after being late and my income not being nearly enough, I fear that I will fall further and further behind to the point where I won’t be able to afford to pay what is owed. It is my full intention to pay what I owe but at this time I have exhausted all of my income and resources so I am turning to you for help.>>
Please understand that financial hardships can occur and many times it‘s not a choice. I deeply appreciate your help in this matter. If you have any questions, or need anything further from me, you can contact me at __
Thank you for your consideration

SingleMomNCA · 10-09-2009, 02:25 PM

Thanks Mom of 2 ...... it kept telling me I had too many tags????? I will add in the single mom angle.. Thanks for the input.

dan m · 10-09-2009, 05:42 PM

if your current you have to ask to be reviewed for the MHA refinance. your servicer isn't required to offer it unless you're late. if you can make your payment then do- if not then don't. real simple there. just be ready to move if it doesn't work out. your letter sounds good, just like mine. try to contact some highier ups and have your case escalated

SingleMomNCA · 10-09-2009, 08:22 PM

Hi Dan,

Thanks for your reply. Currently I am late - by two months, but I am trying to save as much as I can just in case they tell me no.... Leaving my home is not an option but I understand where your coming from - it's a gamble!

I had to contact the Exec Team before and once I did - my case was processed in about 3 months - but I was current on my loan at that time. I'm hoping by being delinquent that they will take me a little more serious.

10-09-2009, 02:23 PM	#2 (permalink)
mom_of_two Senior Member Join Date: Sep 2009 Posts: 46 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2nd Attempt at Hardship Letter - Let me know your thoughts Hi SingleMomNCA I think its very good letter. I was able to paste it....this way it will be convenient to viewers to read and reply. Also mention that you are a single mom, even though its understood from your letter. Good luck. ____ LETTER FROM SingleMomNCA fficeffice" />>> >> RE: Hardship Letter>> >> To Whom It May Concern:>> >> I am writing this letter to explain my unfortunate set of circumstances that have caused me difficulty in paying my mortgage timely. I have done everything in my power to make ends meet but I continue to have difficulties 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. I was informed on September 30, 2009 that my attempt of a Loan Modification was denied. The value of my home is worth less than what I owe on the two mortgages and the programs needed to make my monthly payments reasonable simply do not exist anymore. Refinancing my home is no longer an option. When I originally got the loan with Washington Mutual, I was told that I would be able to refinance before the loan went adjustable. Now that I can not refinance I don’t know what I will do once my loan adjusts. My mortgage payment (principal, interest, taxes, insurance and homeowners association dues) well exceeds 31% of my gross (pre-tax) monthly income. I have eliminated my savings and maxed out my credit cards just to make ends meet. I am hoping that there is a way to renegotiate the terms of my current mortgage to avoid the possibility of default or foreclosure on my home. I would appreciate any assistance that you can provide.>> As of right now, I am 2 months behind on my mortgage payment (September and October). The main reason that caused me to be late is that I experienced several unforeseen circumstances that I just wasn’t financially prepared for: abolish § My car (which is my only form of transportation to and from work) had excessive repairs (including a rebuilt transmission) which have cost me in excess of $2,000.00 which abolished my savings. § Because of my car situation, I had to purchase a more reliable vehicle which has now increased my monthly expenses. § I am now the sole care provider of my ailing grandmother. Since she has been in my care, I have had to make adjustments and modifications (i.e. hospital bed) to assist in caring for her. § Also, I have maxed out all of my credit accounts, including taking a loan from my 403B – because of this my monthly expenses have increased even though I am only paying the minimum payments. § In March 2010 I will also lose about $4,992 of income yearly due my child support income ending (the non-custodial parent works for NUMMI motors which is scheduled to close in 3/2010. The order is currently upheld by a payroll garnishment but will cease)>> I thought I would be able to “catch up” but soon after being late and my income not being nearly enough, I fear that I will fall further and further behind to the point where I won’t be able to afford to pay what is owed. It is my full intention to pay what I owe but at this time I have exhausted all of my income and resources so I am turning to you for help.>> Please understand that financial hardships can occur and many times it‘s not a choice. I deeply appreciate your help in this matter. If you have any questions, or need anything further from me, you can contact me at __ Thank you for your consideration

10-09-2009, 02:25 PM	#3 (permalink)
SingleMomNCA Senior Member Join Date: May 2009 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2nd Attempt at Hardship Letter - Let me know your thoughts Thanks Mom of 2 ...... it kept telling me I had too many tags????? I will add in the single mom angle.. Thanks for the input.

10-09-2009, 05:42 PM	#4 (permalink)
dan m Senior Member Join Date: Aug 2009 Location: Manteca- California Posts: 134 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2nd Attempt at Hardship Letter - Let me know your thoughts if your current you have to ask to be reviewed for the MHA refinance. your servicer isn't required to offer it unless you're late. if you can make your payment then do- if not then don't. real simple there. just be ready to move if it doesn't work out. your letter sounds good, just like mine. try to contact some highier ups and have your case escalated __________________ A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government. — George Washington

10-09-2009, 08:22 PM	#5 (permalink)
SingleMomNCA Senior Member Join Date: May 2009 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2nd Attempt at Hardship Letter - Let me know your thoughts Hi Dan, Thanks for your reply. Currently I am late - by two months, but I am trying to save as much as I can just in case they tell me no.... Leaving my home is not an option but I understand where your coming from - it's a gamble! I had to contact the Exec Team before and once I did - my case was processed in about 3 months - but I was current on my loan at that time. I'm hoping by being delinquent that they will take me a little more serious.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode