Homecomings loan modification hard

[Joel Fraser]

I have a 30 year fixed rate loan (7.1% APR) with Homecomings. The monthly payment is $3465.00, including escrow for taxes and insurance (~$421). The principle is $429K. The loan is four years old. I'm embedding my hardship letter below. Any comments about my chances of getting a lower rate and a drop in principle or about my case in general would be greatly appreciated. Thanks. From: Thursday, July 31, 2008 Brian and Corey TXXXXXXXXXX XXXXXXXXXXXX Ave. XXXXXXXXX XX. XXXX To: Homecomings Financial GMAC Company Re: Account # XXXXXXXXXX Subject: Request for loan modification due to hardship We are writing this letter to explain the extreme financial hardship that has caused us to be late on our recent mortgage payments. We have done everything we can to make ends meet but, unfortunately, we are falling short every month and would like you to consider working with us to modify our loan. The initial cause of our financial difficulties is that my husband, a construction worker, has worked sporadically from December 2007 until recently. The result of the reduction in his income has forced us to borrow money from different sources to make our monthly mortgage payments. Even though we have taken in a renter and my husband has found stable employment, we are still finding it extremely difficult to make our monthly payments to Homecomings Financial, to others that we owe, and to cover our living expenses. We have considered refinancing our home to help consolidate and lower payments on the debt that we have amassed during our difficulties but this is not possible, as we now owe more for our home than its appraised value. It is our full intention to pay what we owe but we have exhausted all of our income and resources, so we are turning to you for help! We would be happy to provide a full financial disclosure and truly hope that you will consider working with us. We are anxious to get this settled so we can all move on. Respectfully, Brian and Corey TXXXXXXXX Home Phone: XXX-XXX-XXXX Cell Phone: XXX-XXX-XXXX