Jane Doe
999 Street, City, ST 99999
ABC Loan Services
PO Box 9999, City, ST 99999
1st Loan #9999999998
2nd Loan #9999999999
February 08, 2010
To whom it may concern.
I am fully aware of the status of my loan with your company & I would like you to consider the only offer that I have received on my property located at 999 Street, City, ST. I have been trying to sell my property form many months now, without any success. I urge you to please accept the only offer I have received on the property even though it is for less than what I owe.
My hardship began when I was laid off from my job on 03.11.09. I was not working for 4 months & finally took a job that paid less than I was previously making, as well as my new employer is 3 times farther away from my home. There are a few repairs that need to be made, however I do not have the money necessary to repair the property, let alone make the mortgage payments. As well, when you paid my taxes for me & then added them to my escrow without my knowledge at the time, dividing them by 4 & making my house note twice as much as usual. I have been racking up my credit card bills, and have almost maxed them out to try to keep up, however everything seems to be collapsing on me.
I have been trying to sell this property & have found no one that is interested because I owe much more than the property is currently worth. With the type of loan that I was given, I have only paid interest towards it (for the 3 & ½ years) with none going towards the principal. I was told at the time of my signing, that I would be able to refinance in 2 years time. When my 2 years were up,
I called your company and was told that that division had been dissolved & was no longer available to me. So I just kept making the 1st loan payments through October 2009, & the 2nd loan was paid up through December 2009. The buyers that have walked through have been turned off by the amount that is past due on my loans due to the property tax issue.
The offer is less than what I owe, but at this point I am desperate. The buyer is the only person who has shown any interest in the property because he is an experienced Investment Buyer.
My attorney has informed me of the bankruptcy process & if you do not accept his offer, this may be my only option, because I don’t want a foreclosure on my record. If you have any questions about the house, please contact my Realtor John Smith, at 999.555.5555.
Thank you for your time & consideration.
Sincerely,
Jane Doe
