I am writing to describe my current situation in relationship to the mortgage payment which i am no longer able to spend due to economic hardship. I realize that my personal mortgage payment is very important and that having my situation come to the point where I have to set a hardship notification represents a really low point in my life. Pertaining to 10 long years, my spouce and i have worked vigilantly as self-employed house cleansing agents. We proved helpful very long several hours to keep up with all of our bills and obligations and to save money to deliver our boy to college.
We all developed various friendships with the families we all worked pertaining to and truly loved the task we performed for companies.
Unfortunately, We became very sick in 2005 and was no much longer able to keep up with the physical demands of the house cleaning business. I was in and out of the clinic and unable to keep virtually any regular plan and was also very weakened from the sickness I was experiencing internally.
My husband continued with numerous clients as possible, but was not able to continue bringing in the cash flow we were producing when the both of us had been working. Sadly, we have needed to use each of our son’s college or university savings to aid pay for the monthly bills, including the mortgage payment.
We performed for many years to save lots of that cash and now our son will only be able to head to college about financial aid. When i was sick in 2005, my child also became ill and had to be hospitalized. He is simply nine years of age and had to acquire special health care at the Kid’s Hospital. Sadly, we have by no means been able to cover health insurance while self-employed property cleaners, therefore the entire stability on the medical bills for me and my personal son are to be paid by simply us without any help via insurance. The current bill in the hospital is definitely $24, 500 and they are intimidating collections if we do not begin making repayments soon.
Since October 06\, my husband has been in business and making use of the college savings to live and pay our expenses. Our son’s college personal savings have now go out and we do not where to turn for additional cash to pay out our mortgage payment and medical bills. We feel the only choice might be to file for bankruptcy, but all of us feel firmly about keeping our commitment for the obligations all of us entered into numerous years ago. Do not want to go that route if at all possible. We have set our house out there to be offered, but with industry so gradual, we have been not able to obtain any kind of offers that could completely cover the mortgage we still owe.
We certainly have received one offer that may be less than the current financial loan is worth and we would like to associated with best attempt we can for making good upon our debt to the traditional bank. Instead of filing for bankruptcy, we would like to please obtain that the bank accept the current offer for less than we are obligated to repay as each of our best trust payment with the loan. We light with the sad fact that we can no more make the mortgage payments anyway, your house is likely to go into foreclosure; in which the bank can be not likely to recover much more than is current being offered by prospective customer.
We are very sad to acquire had to publish this page to the financial institution that has allowed us to appreciate our dream of home ownership. If only I could get back to work, although I i am not able to because of a incapacitating sickness which has weakened me personally to the level that I i am unable to do any physical labor. I was writing with sincere wish that the traditional bank will appreciate our situation and believe our modest desire to produce good upon as much of our mortgage even as we possibly can. We beg you to please agree to the current give to purchase your house so that we might avoid the shame and shame of having to file for bankruptcy.