For a little bit of the lighter side of loss mitigation. These reasons were actually written on the " Hardship Letters" to be submitted to the lender to try and qualify for a second loan modification. They are trying to justify why their lender needs to get them a better deal or a new loan modification.
1. "My daughter's wedding is in six months and I cannot afford to save money and pay my mortgage at the same time".
2. "It is not fair the gov't or lenders make us pay our mortgage through tough economic times"
3. "If I knew that the tenets in my rental property were unemployed, I would have not bought the property in the first place"???
4. "My first loan modification was at 2%". "That interest rate is well above all the advertised rates I see"
5. " I thought I only needed to pay on my modification for 2 years and then it was ok to miss 6 months and get a new modification"
6. " I am renting out my house to my daughter, but she does not pay rent"
7. "I quit my job to go back to school, but found out that the tuition was to expensive"?
8. "I quit my job to be self employed, but no one will hire me"
9. "My loan officer said I could take out $50,000 in equity every year" "He never said anything about running out of equity"?
10. Maybe my personal favorite "If I cannot afford Obama care, doesn't the bank realize I cannot pay my mortgage?"
