need a sample hardship letter for a mortgage underwater

need a sample hardship letter for a mortgage underwater
Fairstene asked this question 2 years ago
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    Hi Fairstene,

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  • 966 answers • 78% helpful

    This expert is helping you out because there weren’t many active Wells Fargo experts.

    You can edit this letter and this may help you out:

    Dears Sirs or Madams:
    > >
    I am writing this letter to explain my unfortunate set of circumstances that have caused me to need to modify my current loan. I have done everything in my power to make my ends meet, but unfortunately I have fallen short recently and would like for you to consider working with me to modify my loan. My primary goal is to keep my house for myself and my children and I would appreciate the opportunity to do that.
    > >
    The main reason I have been unable to make ends meet is because in December of 2009 I was divorced. This therefore cut my combined monthly income from roughly $3700 down to approximately $2200 (which includes my child support payments). I have since taken on a renter who moved in at the beginning of February and who is paying about $500 a month. I was hoping this would help me be able to continue to make my payments in a timely manner and manage the other household bills as well, but due to rising utility costs as well as expenses such as my children’s braces and school bills, I have fallen short. I also have a medical debt due to thyroid issues that I owe to Piedmont Medical Center and affiliates totaling approximately $2300 which I would like to pay off as well. I have been making all of my monthly mortgage payments every month and have not ever defaulted on this loan more than 30 days. I may not be able to always pay by the 16th, but I always pay at least my principal amount due. I always choose to make my mortgage payment above all other bills as this is my most valuable asset and the only home my children know. I have exhausted all of my other resources such as savings, my 2009 tax return, and loans from friends/family, and am at this time unable to make all of my monthly bills without risking not being able to make my mortgage payment. I want to always make my mortgage payments, but I also desperately need to pay my main utilities as I work from home and if they cut off my power/internet I will not be able to work and therefore would not be able to make the monthly mortgage payments. I feel caught in a cycle of “robbing Peter to pay Paul” and I no longer have that ability anymore.

    > >
    > >
    I am attempting to find more work in order to make this less of a burden, but the economy, my fulltime job, and being a single mother make this difficult. I have contacted my employer and they are going to try to find more work for me through them therefore not having to go outside the home as I feel my children need me to help with their daily activities/needs/homework. I am trying to make this less of a difficult time for my children as they have already gone through so many changes in the last 7 months. I do feel that I will eventually get more work, but unfortunately it will take time to build this up and I feel a loan modification would greatly help me achieve my goal of keeping myself and my children in this home.
    > >
    I truly hope that you will consider working with me and I am anxious to get this settled as soon as possible so that I can get back on track. I thank you so much for your willingness to listen to my needs and for working with me in resolving this very important issue. I very much would love to keep myself and my children in this home, as this is a very hard time in their lives and I do not want to add any more burdens on them by having to move out.
    > >
    Sincerely and respectfully yours,
  • 1706 answers • 88% helpful

    This expert is helping you out because there weren’t many active Wells Fargo experts.

    A Sample Mortgage Loan Modification Request Letter
    There’s no standard way to write a loan modification request letter, but if you’re looking for a format, try this:
    (Your name)
    (Your address, city, state and zip)
    (Your home phone)
    (Your cell phone)
    (Your email address)
    Regarding: (Your mortgage loan number)
    (Mortgage lender name)
    (Specific party or department)
    (Mortgage lender address, city, state and zip)
    To whom it may concern (it’s always better if you can get a specific name):
    (I/We) have been struggling to make (my/our) house payment for (X months or years) and feel that (I/we) can no longer continue to do so at the current payment level. Though it has been difficult for (me/us) (I/we) truly wish to avoid losing the house in foreclosure. (I/we) wish to procede under any suitable loan modification that is available for someone in (my/our) situation.
    We were fully qualified to make our house payments when we bought the home, and continued to do so for many years. But since (date of hardship) we have been unable to make our payments (regularly/fully) due to circumstances beyond our control.
    (Use this paragraph do describe your hardship — job loss, income reduction, medical issues — whatever it is. Be specific, but limit it to a one or two paragraphs.)
    (Use this paragraph to describe your own efforts to improve your situation — one or more refinance attempts, failed effort to sell the home. Be sure to mention that the home is worth less than the mortgage balance.)
    Documents are enclosed to support both our hardship and our efforts to fix the problem.
    We truly wish to keep our home and are willing to do what ever it takes to work with you to bring our mortgage up to date and to give us a fighting chance to keep it current in the future. Our current house payment is ($XXXX) but we feel certain we can continue to pay our loan if the monthly payment is reduced to ($XXXX).
    We will appreciate any assistance you can provide in helping us to make this happen.
    (Your signature)
    (Your typed name)
    Documents to Include With Your Modification Request
    With your letter you’ll want to include any significant documentation that will support your claim. If you attempted to sell your home unsuccessfully, include a copy of the listing agreement. If you applied for a refinance and were turned down, include a copy of the denial notice. If you lost your job, document the date of separation through unemployment records. If it was a medical issue, provide copies of relevant paperwork.
    Make sure that you send only copies, never the original documents. You may need them in the future. Also, keep a copy of the letter and copies of specific documents that you sent with it, that way you’ll be able to know exactly what you sent should they call.
    When you send the letter, be sure to do so either by certified mail or by overnight courier. It’s not just that you want to be sure that the lender gets the package, but also to minimize the risk that it might fall into the wrong hands. Loan documents and other personal information needs to be safeguarded at all times.
    After a few days, follow up with a phone call, and be ready to cooperate in any way that you can.

    I hope this will help you a lot..