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.
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...
4. I did not obtain my current mortgage under any materially false pretenses. As part of the Hope for Homeowners program, I would be able to attain a new affordable mortgage based on a current appraisal value. I would retain 10% equity in the property, and would be sharing the equity and future appreciation with the Federal government, which would prohibit me from taking out any additional loans against the property
My student loan payments of $609.07 are scheduled to begin May 1, 2009. I do not have the resources to make these payments and Chapter 7 Bankruptcy does not affect student loans. Since I have been stretched beyond my financial capacity, I am now consistently behind in my mortgage payments and am not in a situation to rectify this problem. I am paid on the 15th and 30th of each
Improving the Administration and Collection Process for Government-Sponsored Student Loans Introduction Today, tens of thousands of young people are mortgaging part of their future with student loans in order to obtain a higher education. In some cases, these students do not receive the full disclosure concerning repayment terms, creating a long-term hardship. To determine the facts, this paper provides an overview of government student loans and how the different actors on the
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now