My Hardship Letter

[Mike]

Hi all, I've enjoyed reading through this forum and seeing how everyone here seems to get the help they need through this crisis. I've got a hardship letter I'm writing to our loan company that I would like to send out today and I would sure appreciate any comments, suggestions, and advice you could give me for this letter before I send it. Some of it I've borrowed from other letters I've come across, so it may look familiar. Thanks!!! ------------- May 19, 2008 To: Morequity Mortgage account # 000xxxxxxxxx Re: Loan Modification Program We are writing this letter to explain the extreme financial hardship it will be for our family when our loan adjusts from a 6.25% interest rate to a 9.00% interest rate in July 2008. This interest rate adjustment will cause our payment to dramatically increase in the amount of $526.63 per month on top of our current payment of $1327.50 increasing the payment to $ 1854.13 per month. Our current income does not support an increase of this magnitude. As a matter of fact, a monthly increase of this amount will ruin us financially and within a few short months of this adjustment we will surely fall into foreclosure as we will not be able to afford the monthly payment. My wife, xxxxx, works part time for Fairfax County Public Schools during the school year. During the summer months, her job is unavailable so we completely lose the income she makes for four months during the year. This has proven to be extremely difficult for us during the summer months as we find ourselves having to cut back on necessities such as doctor and dental visits for our children during the time we do not have her additional income. We would appreciate the opportunity to work out a loan modification where our interest rate will be frozen at the 6.25% interest rate for the DURATION of the loan, if the rate is just frozen for 2 to 5 years we will find ourselves in the same situation in a few short years from now. Please take the time to review the information we submitted and consider our request. It is very important to us that we keep our account in good standing and preserve our credit rating as well as protect our main asset....our home. Thank you in advance for your time and consideration in this matter. We are looking forward to working with you to resolve this situation. If you have any questions please contact me at xxx-xxx-xxxx Sincerely, xxxxxxxxxxx