Hardship letter to morgage company advice please. (in attempt to get a loan modification)?

I wrote this rough draft of a hardship letter to my morgage company because I am in desprate need of a load modification. Can you please look this over and let me know if anything is missing, how it sounds and any suggestions/revisions. Thank you so much in advance, I truely appreciate it!





To whom it May Concern,


My income has been reduced due to loss of my business, Super Duper Deli III, on July 23rd 2007. I lost the deli because of an increase in rent. In order to try to keep my business as the rent increased I was forced to take equity out of my house which increased my morgage payments. To try to get out of debt, I ran up my credit card bills and sold my car and motorcycle.


I got married February 17th, 2006 and my husband helped me hold onto my house by helping with the morgage payments. At this point I was struggling to hold onto my business , my house and unfortunatly around the same time my marriage ended in a restraining order on my husband due to physical and mental abuse.


I am currently employed at Thomas's full time and I work part time nights at A%26amp;P. I am trying everything I can to hold onto the only thing I have left, my home.


I have worked hard and maintained good credit all of my life. Now that I have a good job and a steady income I should be able to catch up on my bills but my extremly high interest rate and morgage payment make it impossible.Hardship letter to morgage company advice please. (in attempt to get a loan modification)?
ok. i work for a bank. First off make sure you use spell check because mortgage has a ';t'; in it. Take out the part that says ';To try to get out of debt, I ran up my credit card bills'; because that shows that you may not understand much about debt because if you couldn't afford to pay for things with your personal funds then how could you afford them with interest tagged on....so just leave that out about running up your credit cards. Keep in there that you sold your car and motorcycle to get extra funds to help with debt. Definately get rid of the marriage details. That has nothing to do with being in debt from rental increase and you don't want to make it a sob story. That would only be helpful if he racked up debt on your credit cards or did something harmful to your credit. Keep this: ';I am currently employed at Thomas's full time and I work part time nights at A%26amp;P. I am trying everything I can to hold onto the only thing I have left, my home'; . Get rid of ';i have worked hard and maintained good credit'; unless you know your credit score is about the 720 range with no collections account or delinquences. and keep this ';Now that I have a good job and a steady income I should be able to catch up on my bills but my extremly high interest rate and morgage payment make it impossible';. Add something like, if we can negotiate the rate or the payments to make it possible for me to keep my home, once I am able to get back on my feet completely I will begin to pay over and above my minimum payments. good luck. times are harshHardship letter to morgage company advice please. (in attempt to get a loan modification)?
Your letter is OK. However, I wouldn't go into too much detail apart from stating that you are just another statistic of global economic crisis.


Mortgage companies are not concerned very much with your problems, they are more interested how they are going to get their money back, and your ability to maintain payments.





As well as briefly explaining your current situation, explain to them HOW you going to pay back.


Suggest a refinance, adjusted repayment plan, or whatever You are comfortable with.


Think what amount you can afford to pay, and how you can catch up. Support your claim with your current payslips.





Do not be afraid to ask for more. For example if you are comfortable with $100 payment ask for $50, if they agree you have bonus, if they don't, you will not be over stretched. But if you ask max you can afford, than any changes will bring you back to square 1.





Set up a meeting with bank's financial adviser ,and other relevant people, state your case. Banks want to talk and they are not as bad as one may think, they will help if they can.


Whatever you do DO NOT GIVE UP. There is always are solution. Think about it and you will find one.





Remember if you don't ask the answer is always no.
Leave out the credit card run up, your restraining order and taking equity out. Totally unnecessary and so is your marriage date etc. To the point ONLY nothing extraneous!





Put the house on the market you can no longer afford it.
I think you have included all the important points in your hardship letter.It seems to be the perfect length, direct and honest. You have noted why you are having a hardship and how your situation has improved for you to afford a restructed mortgage payment. This is just what the banks are looking for. Great letter!
Way too much information that will not positively influence your lender.





Cut it to the bone and emphasize what you have done (selling car and motorcycle) and plan to do to get out of this mess.





If you are still in deep with the credit cards, I doubt you're going to find the lender cooperative. You may just have too many problems to dig your way out without bankruptcy and a less expensive shelter arrangement.