fingers & toes crossed with ASC mod

[Joel Fraser]

:)This is our hardship letter. Any comments?:confused:To: America's Servicing CompanyAttn: Mortgage loan modification program (Loss Mitigation)Kevin, Contractor/Handyman Susan, SS DisabilityAs you know, we are in extreme hardship with this adjustable rate loan.The original mortgage terms are terrible but it was the only loan we qualifiedfor at the time. (No doc, self employed, Susan's minimal Social Security Disability income.)After one year or so into the ARM loan, and our new home, Kevin's business clients canceled the construction/remodeling work on their homes because of the economy. Therefore, Kevin had no income from December 2007-February 2008. We fell further into debt because we had to use our credit cards and Susan's Disability benefits to support a family of four.That is when we became delinquent on our April, 2008 ASC mortgage.We have a 2 year ARM at 9% that will reset in September, 2008. A monthly increase to our budget could ruin our family financially.We truly appreciate the special forbearance agreement of paying our mortgage payment for 3 months by the 30th of each month that ASC had put together for us from being delinquent in April, 2008.We have tried several times to refinance out of this arm loan but cannot due to the fact that our property is now worth about 20-30% less than what we paid for it. We were assured back in 2006, when we purchased our home, that when our arm interest rate reset in September, 2008 that refinancing would be no problem, but that turned out not to be true due to the downturn of the housing industry.We purchased our first home in Minneapolis MN. in 1994. Since then we had never been delinquent on any of our mortgage payments until this April, 2008.We moved our family of four to south Florida in 2005 from Minnesota mainly due to Susan's health.We love our home and we absolutely plan on keeping our home happily maintained. We love our neighborhood, our Elementary and Middle Schools that our two children attend, etc.We would greatly appreciate this loan modification from the high 9% adjustable rate loan to a much lower, fixed, locked in 30 or 40 year loan with America's Servicing Company, our loan servicer.Thank you so very much for your time and consideration.We look forward to our continuation of excellent customer service from our loan servicer, ASC.Sincerely,Kevin *****________________Susan *****_______________