It should explain why you have missed payments and what financial difficulties you currently undergoing. If you How to write a hardship letter for short sale able to show that everyone will benefit as a result of the loss mitigation, it is much more likely that you will be offered a loan modification, short sale, or deed in lieu of foreclosure.
The specific details regarding the hardship that has resulted in financial challenges should be listed, and a focus should be made on the point that the circumstances were beyond the control of the homeowner.
It should explain why you have missed payments and what financial difficulties you currently undergoing. While sellers hoping to short-sell their property should not misrepresent the facts or lie, the presentation of the hardship circumstances makes a tremendous difference, especially regarding what hope exists between the lines.
Ideally, the entire letter will be a page in length or less. This web site is not intended to offer legal advice and all information contained in this web site is for information purposes only. If a homeowner needs to execute a short sale of their home or other property in order to relieve some of their debt, the real estate agent may require a short sale hardship letter as part of the process.
Hence, do not indicate or imply that the lender can be blamed for your situation.
Also, to explain your case in detail, you can use the subsequent paragraphs. This will keep the reader's attention and appeal to their softer side. The letter itself should be as short as possible, without missing out any important information.
Not everyone will qualify for government assistance programs such as HAFA. Short Sale Hardship Letter Missteps When writing a short sale hardship letter, the tone of the letter should correspond to both the unfortunate hardships which the letter depicts and the hopelessness of this situation.
Rather, you have to sell the short sale to the lender. This type of hardship letter is part of the normal process and something the borrower must provide.
What to Avoid when Drafting the Letter When a homeowner is drafting a short sale hardship letter, it is important to focus on keeping the length of the letter short. A short sale hardship letter is typically part of the short sale process, and this is the formal request that the homeowner makes to obtain the lender's approval.
There is no point in giving an explanation that does not conform to the accepted hardships. That means that you have to write it properly, without any spelling or grammar mistakes. You should also proofread it, or ask someone to do it for you.
Written by admin11 If you have to short sell your property as a way to avoid foreclosure, your realtor may want you to write a hardship letter for short sale. The letter should be sent along with any copies of required documents by registered mail with a return receipt requested.
Nevada state law NRS The letter should be headed with the homeowner's name, address and phone number, and it also should include the property address and loan number for the property in question. Finally, you should not use the letter to write a lengthy emotional account of how your hardship situation has affected you.
Not all clients will be eligible for the advertised services contained in this web site. This will make sure the borrower has proof that the letter was received by the real estate agent or lender.
The letter should include: A final thing to remember is that this is a formal letter. In addition, with a foreclosure, the lender may sell the property for less than the current market value.
In order to move forward with a short sale, the homeowner typically must write a short sale hardship letter and submit it to a lender. Rather than simply stating that you have resorted to borrowing money to cover mortgage payments, divulge the specific dollar value which you have borrowed, including the source of the debt.
This is extremely important. If you are seeking a short sale or deed in lieu of foreclosure, state that you want to honor your financial obligation but that it has become impossible to do so and a short sale or deed in lieu of foreclosure is the best option for both you and your lender to prevent a foreclosure.
Send it via registered post and keep photocopies of the letter and attached documentation as well. Finally, you should not use the letter to write a lengthy emotional account of how your hardship situation has affected you.
The letter should clearly outline the homeowner's current financial situation and include an explanation regarding why the homeowner has fallen behind on mortgage payments.Describe your financial hardship in your hardship letter to the lender to start on the path of a short sale.
State that you can no longer afford your mortgage payments and verify the reasons. When applying for a short sale, your lender might ask you to write a hardship letter or fill out a hardship affidavit. Read on to learn what a hardship letter is, what the contents should be, and how important the hardship letter (or affidavit) is to the short sale process.
Writing a Good Hardship Letter. Melinda Opperman Credit and Debt. You might be asking a mortgage lender to give you a loan modification, or to approve a short sale of your home. Whatever your ultimate goal is, keep it in mind as you compose the letter; everything you write should support this goal.
Aim to write your letter at a sixth. Sample Short Sale Hardship Letters Lender Name Lender Address Lender's fax number Today's Date RE: Hardship Letter - Short Sale for _____ address. A hardship letter is a letter you write to your bank requesting they consider a short sale to prevent the foreclosure of your home.
After assembling hundreds of short sale packages, we have found that more than any other document, the hardship letter can make or break a short sale. A short sale hardship letter is written by the property owner to the lender to explain why the owner is behind on his or her mortgage payments.
The letter should explain the circumstances why the borrower is in financial difficulties and clearly show their current financial situation.Download