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 month and because I am so overextended, I can only make my payment on the 30th of each month. Due to my now chronically late payments, I am now subject to $136.44 in late fees every month, which I can ill afford. I am facing eminent foreclosure if I am unable to change the terms of my mortgage.

I believe my circumstances make me an excellent candidate for the Hope for Homeowners Act. The Affordabilty vs. Value portion of this program would indicate that a new mortgage under this program would be for $131,400 as 90% of the current property value of $146,000. This home loan modification would result in much more affordable payments and would allow me to prevent foreclosure.

I meet the H4H borrower eligibility requirements as follows:

1. My existing mortgage originated on or before March1, 2008.

2. My existing mortgage payment as of March 1, 2008, exceeds 31% of my gross monthly income.

3. I did not intentionally default and do not have an ownership interest in other residential real estate and have not been convicted of fraud in the last 10 years under Federal and state...

I did not provide materially false information to obtain my current mortgage.
I understand the Hope for Homeowners program benefits will provide a new affordable mortgage based on the current appraised value and I will be able to keep my home with 10% equity. I also understand that I will be sharing my equity and appreciation with the Federal government and am prohibited from taking out additional liens against the property unless they are directly related to property maintenance. I further understand there is a 3% upfront mortgage insurance premium and an annual premium of 1.5%.

I have enclosed documentation of my wages and earnings effective March 1, 2008 and currently for consideration of eligibility in the Hope for Homeowners program. I hope you will consider my request for consideration under this program and help me prevent foreclosure.

If any additional information or documentation is needed from me, please let me know. You may reach me via phone at xxx-xxx-xxxx or via email at xxxxxxx@xxx. I hope to hear from you soon.

Sincerely,

Enclosures: Wage Documentation as of March 1, 2008

Current Wage Documentation

REFERENCES

http://fha-refinance-program.com/hope-for-homeowners.html

http://www.hud.gov/fha/home080730.cfm http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL