Hardship Letter Mortgage Modification Program Term Paper

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I have had to take a 15% cut in pay in order to continue working and, while I have continued to make the mortgage payments with my reduced income, other areas of my life have suffered from the scaling down of available monies. I have incurred expenses which have increased my debts, such as rising interest rates and penalties, emergency medical expenses and still have student loans to pay for, as I seek to improve my lot. As a result, my credit score has decreased from 740 to 501. Exacerbating the financial problems I am facing, I have just discovered that the property which is mortgaged is worth 5-10% less than the amount paid for it, which would make it difficult to refinance. However, I wish to point out that I have continued to make my payments in spite of my troubles, and therefore deserve the benefit of your trust.

While researching financial possibilities on the internet, I came across Fannie Mae Announcement #06-18 (Oct. 4th 2006) regarding the servicing of Conventional Mortgage Modifications. I believe this information, which I am sure you are familiar with, addresses the situation in which we currently find ourselves and may provide the solution to the problem.

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In order to avoid foreclosure, I respectfully request that you consider the actions recommended by Fannie Mae: Mortgage lenders may make "modifications which extend the term of the mortgage, provide for reamortization of the outstanding debt, change adjustable-rate mortgages to fixed-rate mortgages, capitalize delinquent interest and escrow items or advances, and/or reduce the existing interest rate to the current market rate or to a below-market interest rate." Please look into this remedy, which may be used to modify the mortgage which I hold with you. Please refer to the Servicing Guide Part VII: Delinquent Mortgages; Chapter 5, Loss Mitigation Alternatives; Section 502.02: Modifying Conventional Mortgages published by Fannie Mae for more information (Servicing, p. 1). Recent legislation may also afford new solutions to our mutual problem.

I will be happy to provide you with my financial information, including tax returns and pay stubs, in order to facilitate any considerations you might suggest. I hope that you will consider negotiating a modification of our mortgage.

Thank you very much for your time and consideration. I look forward to hearing from you in the near future. Please find my name, address and phone numbers on the letterhead above.

Sincerely yours,.....

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"Hardship Letter Mortgage Modification Program" (2008, May 05) Retrieved May 22, 2025, from
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