Laid off Feb 2011
Working part time min wage/tips
Contact Making Home Affordable in March 2011
Contact Mortage lender today
Loan: 6 month variable INTEREST ONLY (currently 2.75% balloon 25 years
(Fannie Mae loan)
Loan balance is $131,000 Property value is $89,000.
Payments are current
I phoned ASC requesting a principle reduction. I was told over the phone I did not qualify initially but to send in financials, 2 pay stubs and hardship letter.
My call with Making Home Affordable was the same.
I believe I'm not qualifying due to the % of mortgage to income BUT I CAN'T make anyone realize that my monthly mortgage payment does not include any principle payment.
I started on your site searching for sample of hardship letters. I want my letter to address that my request is specifically for PRINCIPLE REDUCTION with regards to my loss of income and our home values. I'm not locating any threads or sample hardship letters that discuss the interest only payment issue along with my loss of income and more importantly the home value issue.
Any help appreciated!