908, Model House, Eastern Boulevard,New York
Bank of USAmerica,
Sub: My loan #9870 in respect of aforesaid property
This letter explains the unfortunate circumstances under which I fell behind on my mortgage. I’ve done everything I can to stay ahead, but I still fell behind. I would like to be considered for a loan modification to decrease my payments and interest rate to keep this from happening again, give me a fixed rate to prevent the payments from increasing down the road, and to recapitalize the delinquent payments. My number one goal is to keep my home for the long term.
The reason I first defaulted on my payments was due to my getting laid off my job where I worked for the last 5 years and now unemployed for 4 months, during this period we have used all our saving to pay our bills, groceries and towards medical. Despite cutting off all our expenses, it has been very hard to keep up.
I have now landed in a new job with lesser pay than what I made previously, but we have been able to effectively adjust our budget, and with a modified loan payment, we should be able to continue to pay all of our monthly bills once again.
Despite my recent hardship and reduction in income, it is my full intention to pay what I owe. Now that (reason hardship is over), I would appreciate if you can work with me to lower or recapitalize the delinquent amount owed, lower my payments, and fix the rate for 30 years so that I can afford to keep this home for the long term and make amends with (lender name).
I pray you will work with me on this. I’d like to get it settled so we can both move forward without problems ever again.