Get “out-of-line”- Write the CEO
As things get more heated in the pursuit of good loan mods, I advise that you get “out-of-line” by pursuing unconventional methods to get your mod approved.
One approach is to appeal to the CEO of the lender/servicer. This method will get you nowhere if your case is not strong – but, if your application is solid, your hardship is real and you have the income to get the loan back-on-track with a modification, this approach may be effective for you. Here’s an example of such a letter, sent via certified mail. I changed the names to protect the innocent.
November 15, 2009
XXXXXXXX
XXXXXXXX
XXXXXXXXXXX
Mr. XXX, CEO
XXXXXXXXX
1XXXXXXXXXXX
XXXXXXXXXXX
RE: Our loan #XXXXX
Dear XXX,
I want so badly to believe what I read about you. We need someone in your company to try to help us. We have been trying to get help for over 7 months but no one seems to care enough to help us. I don’t even know what are the right questions to ask you people any more. We just need help so that we will not lose our home of 25 years, just when we are getting ready to retire!
We are hard-working, penny-wise people who aren’t asking for a lot, but we do need some help. For months I have been unable to get any of your employees to stick with our case long enough to help us.
We feel so much anxiety over the situation because we were only three years from paying off our home mortgage when a family emergency caused us to take out a loan through Ameriquest in 2002. Luckily, you company offered us the opportunity to get out of that bad loan two years later, although your company charges us over 8% interest and took high fees.
Health problems have caused me to rely on disability income only. Thank God my husband’s job is secure for now. Our health problems in the past 2 years have caused such a financial burden that we struggle to make our payments. But, with credit cards and our savings (we have now depleted our 401K retirement accounts) and XXXXXXXXXXXXXXXXXXXXXXXXXX we were able to mostly keep up until last spring.
Last spring we could not make the full payment to your company on our mortgage XXXXXXXXXXXXXXXXXXXr
(List what actions you took, how often you would call, how many agencies and departments you worked with, etc. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
On (fill in date), (fill in what happened, with whom you spoke with, contact information for that person and any other information.)
(Repeat until you have finished the time line.)
Aren’t we exactly the type of family that the bailout funds were given to your company to help…struggling to make payments on high interest loans on the home we live in? We are able and willing to resume reasonable payments immediately…but cannot get your company to help us do so.
Please ask your managers to review our situation again and offer us a reasonable payment. I don’t know where else to turn for help. I am sleepless at night from anxiety over losing this home at this point in our lives.
You can contact me at XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Sincerely,
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