Mortgage Hardship Letter - Sample #2
July 2, 2006
Big Mortgage Company
P.O. Box 123-0102
Dallas, TX.
Acct: #8897261109
Dear Sir,
I am writing this letter to request consideration for a compromise offer for the sale of our home at the above address. I am active duty with new orders transferring me to Cumberland, MD as of August, 2006. Because of the current depressed market in California, our home is worth less than the loan balance of $183,000.00 (approx.) We have received a fair market value offer of $169,125.00. This is the only offer we have had since our home was placed on the market. With closing costs and realty fees, we will be about $28,000.00 short at closing.
Big Mortgage Company
P.O. Box 123-0102
Dallas, TX.
Acct: #8897261109
Dear Sir,
I am writing this letter to request consideration for a compromise offer for the sale of our home at the above address. I am active duty with new orders transferring me to Cumberland, MD as of August, 2006. Because of the current depressed market in California, our home is worth less than the loan balance of $183,000.00 (approx.) We have received a fair market value offer of $169,125.00. This is the only offer we have had since our home was placed on the market. With closing costs and realty fees, we will be about $28,000.00 short at closing.
Because we are being transferred across country and our current
mortgage payments are high, we cannot afford to keep the house and make
payments and rent at our new location.
The area in which we live has many homes for sale or rent and we would not be able to rent our house to cover current payments. Since we have an offer that is consistent with the present home prices, we feel it is better to sell the house at a loss rather than face additional losses or foreclosure.
When we move to Maryland, my wife will lose her income too. She is a dental hygienist licensed only in California so she can not work in Maryland for at least several months. She must take additional training and pass the state boards before she can be licensed for the state of Maryland.
Our finances are taking several severe cuts because of this transfer. We will have all of the usual expenses of a cross country move for a military family, plus the cost of establishing a new home at a new location. The deposit and miscellaneous expenses are usually several thousand dollars.
Our Realtor is preparing all of the documentation of the current escrow and offer. I am enclosing this letter and a financial statement. Your consideration and time are greatly appreciated. The buyers for our home have already sold their house and will close escrow on July 14, 2006. Since the market is so poor and we have not had any other offers, we are most anxious to close this sale.
Sincerely,
John Homeowner
The area in which we live has many homes for sale or rent and we would not be able to rent our house to cover current payments. Since we have an offer that is consistent with the present home prices, we feel it is better to sell the house at a loss rather than face additional losses or foreclosure.
When we move to Maryland, my wife will lose her income too. She is a dental hygienist licensed only in California so she can not work in Maryland for at least several months. She must take additional training and pass the state boards before she can be licensed for the state of Maryland.
Our finances are taking several severe cuts because of this transfer. We will have all of the usual expenses of a cross country move for a military family, plus the cost of establishing a new home at a new location. The deposit and miscellaneous expenses are usually several thousand dollars.
Our Realtor is preparing all of the documentation of the current escrow and offer. I am enclosing this letter and a financial statement. Your consideration and time are greatly appreciated. The buyers for our home have already sold their house and will close escrow on July 14, 2006. Since the market is so poor and we have not had any other offers, we are most anxious to close this sale.
Sincerely,
John Homeowner
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