Mortgage Terms to Lower Payments

Personal Letter

Dear …

RE: Mortgage Account - __(Name & Account Number)__

I am writing to you today to ask __(Name of Lender)__ to consider renegotiating the terms on the above mentioned mortgage in order to lower the monthly payments. As you are aware, the housing market burst, and subsequent economic downturn in this __(country/state/city/etc.)__, has forced many people into financial hardship. As with those many others, __(I/We/My husband and I/etc.)__ have also found __(myself/ourselves)__ experiencing a financial setback.

A __($amount)__ monthly mortgage payment has become quite an overwhelming financial burden to __(me/us)__ of late. But rather than just give up and reap the consequences, __(I/we)__ want to work with __(Name of Lender)__ to find a workable solution. You will find that __(my/our)__ payment track record and current credit rating are both in excellent standing. That’s because __(I am/we are)__ very responsible when it comes to __(my/our)__ financial obligations. Unfortunately, this particular situation, which is completely out of __(my/our)__ control, really caught __(me/us)__ off guard. __(I am/we are)__, therefore, asking for leniency and request that __(Name of Lender)__ consider renegotiating the current mortgage terms.

By either extending the term of amortization or lowering the interest rate, or both, I am hoping that we can reduce the monthly payments to at least__($amount)__, which is far more affordable. Otherwise, under these present terms, I fear that a default and/or foreclosure will be imminent. It goes without saying that it was never the intent of either party to see it come to this, so I implore you to work with __(us/me)__ on this.

Thank you for your consideration of my request. I will remain hopeful of a positive response and look forward to hearing from you soon.