Need help putting together a modifiction letter

[nj6487]

Thr main reason why I feel behind on my mortagage payment ,, I son started college last septmeber and I had to cover is books and dorm expensive. He is receivng a grant for his college expensive for this semester/ next year. Don't know how option one would view this. Fyi I have a fulltime job am also a Marykay rep. Should I include that in my mofication letter?

Thanks

[sernaelizabet]

Originally Posted by nj6487

Thr main reason why I feel behind on my mortagage payment ,, I son started college last septmeber and I had to cover is books and dorm expensive. He is receivng a grant for his college expensive for this semester/ next year. Don't know how option one would view this. Fyi I have a fulltime job am also a Marykay rep. Should I include that in my mofication letter?

Thanks

Hi,

Yes please make sure you write down the reason. They what to know way you fell behind and don't forget you have to send in expe. sheet and copies of your paystub. Good Luck

sernaelizabet

[Andrew]

If you look to the right of this webpage, under the homeowners toolbox, you will see a sample letter and homeowners expense sheet.

Make sure that you reflect that the hardship is over and that this is not likely to recur, any third party documentation such as expenses and other documentation will assist. However, in the case of a child starting college, I would want to reflect other hardship as well....was their a decrease in income in the household....illness, etc....

Hardship is defined by mitigating and extenuating circumstances outside of the borrower's control....additional expenses are OK but there should be another issue that can address the overall hardship that can be more extenuating and compelling....

The Mary Kay income is primarily self employment...you will need to prepare a little profit and loss for the business so that they can see the stream of income for 2007 and year to date.