The decline in the local real estate market

Mortgage Company Address

Your Account Number

Dear Sir or Madam:

I am writing to you seeking a home loan modification on my current mortgage. There are several cumulative circumstances that have created a financial disaster that will ultimately result in foreclosure on my home without your assistance.

Due to the decline in the local real estate market in this depressed economy, my house is now valued significantly less than what I currently owe on the mortgage. My mortgage balance is $331,000 and my home is currently worth only $146,000, which is only 44% of the loan balance. I can only hope my home will regain its lost value in the future, but selling my home for its current value would not be a viable solution to the problem.

For the past two years, I have been steadily employed at the Sheriff’s Department of ____ County as an electrician for my primary source of income. However, prior to obtaining this job, I was unemployed for six months. During those six months, I was forced to live off my savings until they were depleted and finally resorted to credit cards to survive. This resulted in a large amount of credit card debt that I have not been able to significantly reduce, much less eliminate, since obtaining my job with the Sheriff’s Department.

Because of the financial hardships, I sought a secondary source of income and was hired as an instructor at ETI. This provided me with an additional income of $1,000 per month. Unfortunately, with the declining economy, student enrollment at ETI has dropped dramatically and my position changed from teaching a regularly scheduled class to an as needed substitute teacher. I am still employed by ETI, but have not received any income from this job since October 2008.

To further compound my financial woes of my income decreasing and my debts increasing, the variable rate on my adjustable mortgage rate increased from the temporary fixed rate of ?. % to a variable rate of ?. %, which increased my mortgage payment from $xxxx.xx to $xxxx.xx. This is a 00% increase in my mortgage payment despite the $1,000 per month decrease in my earnings.

In a focused effort to remain current on my mortgage, I ceased payments on my credit card debt and have now incurred huge late fees and penalties. My once excellent credit rating has been ruined. I am currently in the process of Chapter 7 Bankruptcy, which should provide a solution to the credit card debt.

While I now have some hope regarding the credit card debt, I have yet another debt looming on the horizon. My student loan payments of $609.07 are scheduled to begin May 1, 2009. I do not have the resources to make these payments and Chapter 7 Bankruptcy does not affect student loans.

Since I have been stretched beyond my financial capacity, I am now consistently behind in my mortgage payments and am not in a situation to rectify this problem. I am paid on the 15th and 30th of each month and because I am so overextended, I can only make my payment on the 30th of each month. Due to my now chronically late payments, I am now subject to $136.44 in late fees every month, which I can ill afford. I am facing eminent foreclosure if I am unable to change the terms of my mortgage.

I believe my circumstances make me an excellent candidate for the Hope for Homeowners Act. The Affordabilty vs. Value portion of this program would indicate that a new mortgage under this program would be for $131,400 as 90% of the current property value of $146,000. This home loan modification would result in much more affordable payments and would allow me to prevent foreclosure.

I meet the H4H borrower eligibility requirements as follows:

1. My existing mortgage originated on or before March1, 2008.

2. My existing mortgage payment as of March 1, 2008, exceeds 31% of my gross monthly income.

3. I did not intentionally default and do not have an ownership interest in other residential real estate and have not been convicted of fraud in the last 10 years under Federal and state law.

4. I did not provide materially false information to obtain my current mortgage.

I understand the Hope for Homeowners program benefits will provide a new affordable mortgage based on the current appraised value and I will be able to keep my home with 10% equity. I also understand that I will be sharing my equity and appreciation with the Federal government and am prohibited from taking out additional liens against the property unless they are directly related to property maintenance. I further understand there is a 3% upfront mortgage insurance premium and an annual premium of 1.5%.

I have enclosed documentation of my wages and earnings effective March 1, 2008 and currently for consideration of eligibility in the Hope for Homeowners program. I hope you will consider my request for consideration under this program and help me prevent foreclosure.

If any additional information or documentation is needed from me, please let me know. You may reach me via phone at xxx-xxx-xxxx or via email at [email protected]. I hope to hear from you soon.


Enclosures: Wage Documentation as of March 1, 2008

Current Wage Documentation


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