The main reason that caused us to be late is (insert reason here and don’t be too lengthy and long winded) 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 resources so we are turning to you for help.
Our situation has got better because (reason here) and we feel that a loan modification would benefit us both. We would appreciate if you can work with us to lower or delinquent amount owed and or payment so we can keep our home and also afford to make amends with your firm.
We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.
Sincerely and Respectfully,
Mr. & Mrs. ___________________
Signature_____________________
Loan # ______________________
Address______________________
Phone________________________
Hardship Letter Contributed by a Forum Member
To: Countrywide Mortgage account # 058989482
Re: Mortgage modification program
Due to the recent adjustment to the mortgage I currently have with your company, I am finding it very difficult to afford the new payment. I have a 3 year fixed rate which is now adjustable and is schedule to adjust again in Feb. 2008.
Considering my current income, there will be no way I can afford the increased payments come February. Hopefully there is way to renegotiate the terms of my current mortgage to avoid default or foreclosure on my home.
Is it possible to have my current adjustable rate mortgage converted to a fixed rate? If this is not possible can the next rate change be postponed to a future date to allow me to hopefully refinance. Any other solutions you could provide would be greatly appreciated.
I have had no problem making my payments for over three years now and do not want that to change. My mortgage was originally written by another company and bought by Countrywide. The original mortgage terms are terrible but it was the only loan I was qualified for at the time. I was assured that refinancing would be no problem but that turned out not to be true due to the downturn of the housing industry.
The main problem is that my property is now worth about 5-10% less than what I paid for it which is preventing me from being able to refinance. I was researching on the internet and came across the Fannie Mae Announcement #06-18 (Oct. 4th 2006) regarding the servicing of Conventional Mortgage Modifications.
I believe this addresses the situation I currently find myself in along with many other homeowners. Attached are recent pay stubs showing my current income.
thanks you for your time and consideration.
Moe
Founder & Homeowner Advocate
LoanSafe.org
LoanWorkout.org
Moe at LoanSafe.org Email
Moe
Founder
LoanSafe.org
LoanWorkout.org
951-271-6283 Phone
800-734-8819 Fax
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{ 20 comments… read them below or add one }
These are very good tools,I will be making some modifications and will be sending off today. I will keep the board posted on the outcome of my loan(s),Thank You.
Hi Moe, you are doing a great service to all the homeowners in the world. In this particular section you say “They will ask you for a detailed list of your monthly expenses. If its too tight, you may not get approved, if you have too much extra income you are going to have an outrageous payment plan.” Can you explain as to what your idea of “too tight”is? I am about $1,500 short if you count all my current obligations and income, and I want to know if that is considered too tight, or not tight enough, for WFB, in your opinion. Please advise. Thanks.
Thanks Kat!
Without knowing all the other figures, it would be really tough to give you advise. You can let me know or call 888-995-HOPE and they will go over everything and assist you in dealing with your lender.
I would say $1500 short is actually more than tight. That’s strangulation by mortgage.
Let me know what I can do or 995 HOPE can do for you.
Best Regards,
Moe
Thanks Moe! Is there a direct way I can email you? Or do you prefer that I call the hotline? I have to respond to them by the 9th so I am just reviewing my figures for accuracy now, so as not to risk not getting approved AND/OR getting approved at too high a payment amount.
My pleasure. You can email me at moe @ loansafe. org. Whatever you like. Maybe do both.
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1. The drug dealer sold me bad drugs could not remember when to pay.
2. They closed my home equity line and naturally ran out of money
3. I thought the payment was only a suggestion
4. Rick Harsch is pretty harsh
need fax number for Washington Mutuals loss mitigation dept. They provided 904-886-5529, but seems to not be a FAX. Please help
Hi Moe. Would you please check if my hardship letter is okay. I’m sorry if I post this on the wrong forum. Pleas help.
Thank you.
I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinguent 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.
As you can see on my record I have been a loyal and faithful customer paying my mortgage on time. I have tried paying the full amount of $4,129 since November 2007 and also my last payment that was received was June 11, 2008. Unfortunately I could no longer keep up with the payment. Also with the economy my part time job had to lay me off and that also caused me to be delayed. A monthly increase of this amount has ruin me financially and I will surely fall into foreclosure. Therefore, I am requesting that my adjustable rate loan be modified to a fixed rate. I have tried to refinance out of this loan but cannot due to the fact that I owe more than what the house is worth.
I do not owe any credit card bills nor any car payment bills. . My only bill that is making me late is my mortgage. Hopely there is a way to renegotiate the terms of my current mortgage to avoid default and help stop foreclosure on my home. Please help me
Does anyone know qualifying guidelines for Wilshire Credit. I want to apply for modification and want my figures to be in line with requirements.
I was stupid enough to take out Countrywide mortgages, not on one home but on two. I make 30,000 a year and owe 600,000. I started out with a home worth 500,000 with an 80,000 mortgage. I now have one home worth 300,000 with a 225,000 mortgage and a second with a 380,000 mortgage on a home with a market value of 300,000. I went to short sale on the second and the only bid I got was 200,000.
I really found this information very helpfull but still I am looking for answers on shortpay and how I could do this,,,looking for more information on fha shortpay
anyone with information on shortpay thur fha……plz shed somelight
Great example of an effective, to the point hardship letter. Kudos!
I have to write a Hardship letter to my lender, but I am current on my payments. How do I start out my letter, since I am not deliquent?
Please Help.
can you check and see if my hardship is ok
I am writing this letter to ask for a home modification loan. Due to events beyond our control we cannot make our loan payment. In the past year our loan payment has increased two times (we are unsure as to why). We have had a reduction in out yearly income. Both my wife and I work for the same employer (xxxxxx), we have had to take a 10% decrease in our annual incomes. Also due to illness my mother in law has had to come and live with us adding to our monthly expenses. We would appreciate it if you would work with us to lower our delinquent amount owed and to lower our payment so we can keep our home.