12 August 2010 ~ 0 Comments

Hardship Letter Sample : Seniors, Medical Expenses

I am retired and on a fixed-monthly income. My wife is retired, as well, although she does have a smaller job to keep money coming in. We have high debt on our credit cards that we are working to pay off….
Loss Mitigation Department
Option One Mortgage CorporationP.O. Box 13716
Sacramento, CA 95853-3716

To Whom It May Concern:

Re: Request for Loan Modification for property at _________

Loan Number: _________

I am writing to request that you work with us to modify our mortgage loan. We have owned this home for ______ years and I very much want to work with you to avoid foreclosure.

Hardship:
I am retired and on a fixed-monthly income. My wife is retired, as well, although she does have a smaller job to keep money coming in. We have high debt on our credit cards that we are working to pay off. In addition, there have been some medical issues that have been costly for us, and have made it difficult to pay our mortgage. (Please see the enclosures regarding our medical bills.) We are doing everything we can to stay afloat, but it is very difficult with our impending financial pressures.

Status of payments/ Ability to pay going forward:
We are current on our mortgage, but I seriously doubt our ability to pay going forward at the current mortgage amount. We have meticulously reviewed our budget and cut out all unnecessary expenses. We are
also looking for other job-options to increase our income.

Request:
Due to financial stressors, I am requesting that you work with me to lower our payments to around $____ a month, including taxes, insurance, etc. We have meticulously reviewed our budget in order to come to this payment amount and have consulted a _________ representative, as well. After a much-needed reduction to our mortgage payment, I am confident that our situation will continue to improve and that we will be
able to reliably make the payments on our home. We are hard-working home-owners, and we want nothing but to keep our home.

I very much appreciate your consideration of our request. My contact information is below. Please let me know what further information you need and we will promptly provide it.

Thank you very much for your time.

Sincerely,
_________
_________
_________

Enclosures:
1. IRS 4506-T
2. 2 months of recent paystubs
3. Most recent tax return
4. Monthly housing & loan obligations
5. Hospitalization/medical bills

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