My hardship letter, please read...

[Joel Fraser]

Please let me know how you think my letter is. Should I change anything? Is it ok to mention the "predatory" word? Thanks!!!!! To whom it may concern, We find ourselves writing to you today to request a modification to our home loan with you. We have an adjustable rate set at 9.99 currently, it adjusts in Dec. We never thought we would still be in this loan 22 months later after refinancing our family's home. We were told by our mortgage broker we would be able to refinance at a lower interest rate within just a few months. That turned out to be a lie. Now we have come to believe there were many lies and misrepresentations from our broker regarding this loan. By the way, his company and him have vanished! Unfortunate circumstances over the last year have made us fall 1 payment behind. My husbands income was reduced due to loss of work. He is now working but at lower pay. With the down turn of the housing market we find ourselves upside down in our loan and with trying to keep up our housing payments, it has caused us to become late with other credit obligations. Making our credit even worse. So there is no way that we could refinance now. We both work full time, my husband is a truck driver for over 20 years and I am a teaching assistant. We have 2 children. There are numerous homes in our area in foreclosure and we are afraid we might be headed that way, if we sit by quietly. This is why we are contacting you today, to reach out for help.We could send you financial documentation to show you we CAN afford a mortgage, just not at such a predatory high rate. I am requesting an interest rate reduction to a more affordable rate of 7%. If not for the life of the loan, at least for 5 years. This will give us a cushion of 5 years for the housing market to turn around and then we might be able to sell to get out of this predatory loan. Thank you for taking the time to read this and your consideration, we are hopeful you will be able to help us retain our home at a more affordable monthly payment