Here’s a draft for a letter requesting financial assistance to help clear your debt so that you can improve your credit standing for a second mortgage.
I am writing to humbly request financial assistance to help me pay off a debt of approximately $20,000. Due to recent financial hardships, I have fallen behind on multiple payments, resulting in a low credit score that now prevents me from securing a second mortgage that could stabilize my finances.
About a year ago, I lost a significant portion of my income from Social Security, which had been a vital part of my budget. Unfortunately, this loss came at a time when my bills were already high, making it extremely difficult to keep up. My financial priorities shifted to focus on paying my car loan and my mortgage, as these were essential for my transportation and housing stability. While I have managed to keep up with these payments, I have been unable to make regular payments on my credit cards and a personal loan. This has resulted in high interest fees, penalties, and a growing balance that I am struggling to address.
My situation is difficult, but I am motivated to find a way out. Clearing my existing debt would allow me to improve my credit score, making it possible for me to apply for a second mortgage. With this new financial support, I would be able to restructure my budget, secure a lower interest rate, and stabilize my financial future. However, I need assistance to bridge the gap between my current financial obligations and the chance to start fresh.
I understand that this is a significant request, and I am more than willing to provide any documentation you might need to better understand my circumstances. If there is any possibility of support, it would make a profound difference in my life and help me regain financial independence. I am open to discussing repayment terms or any other requirements you may have for assisting me.
Thank you for considering my request. I appreciate your time and any support you may be able to offer during this challenging period.
Sincerely,
[Your Name]