Name: (Your Name)
Address: (Your Address)
Lender Name: (Your Lender)
Loan #: (your Loan #)
To Whom It May Concern:
I am writing this letter to explain my unfortunate set of circumstances
that have caused us to become delinquent on our mortgage. We have done
everything in our power to make ends meet but unfortunately we have
fallen short and would like you to consider working with us to modify
our loan. Our number one goal is to keep our home and we would really
appreciate the opportunity to do that.
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.
(The approximate date of hardship and we believe that our situation is Temporary or will be Permanent.)
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,
Borrower’s Signature
Date
Co-Borrower’s Signature
Date |
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To: Lender Name
Loan #
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 and help stop 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.
Borrower’s Signature
Date
Co-Borrower’s Signature
Date
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