Have any been behid on their Note and Suntrust was the mortgage holder.?
by Mortgage Rates on Sunday, November 21st, 2010 | 2 Comments
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I helped a relative write one of those letters to Suntrust. It didn’t work because she had no plan to afford the house (because she really couldn’t) so she was just asking for charity rather than proposing a viable arrangement.
I imagine a successful letter would consist of three parts: 1) a description of your circumstances when you bought the house; 2) a description of the present circumstances that have kept you from making payments 3) an assurance, backed up by evidence, that a loan modification would enable you to resume payments despite these circumstances.
Basically you’re saying in a businesslike way, “Wouldn’t it be nice if this house didn’t go to foreclosure? Well, if you modify the loan, that can be avoided.” That’s very different from “I fell on hard times, help!”
Best of luck in getting out of this situation. Remember, you and Suntrust have that as a common goal.
You need to ask them for a modification package. Your letter of explanation will be part of that.