Getting Started with your Short Sale
The worst thing you can do is nothing at all
How to write a Hardship Letter
What constitutes a "financial hardship"?
- Loss of employment or reduction in income
- Death in family or major unexpected medical expenses
- Relocation or Job Transfer
- Increased bills or expenses
- Major repairs needed to property, without resources to pay for them
- Divorce
By the time a home owner is considering a short sale, most have already done a "band aid" loan modification, either a forbearance or repayment plan, which is a temporary solution to a long term problem. If you have already written a hardship letter for a loan modification, you will need to write a new one that is more specific to a short sale.
Here are some common things that a short sale hardship letter should and should not contain:
- The hardship letter should be signed and dated
- Reference the property address and loan number in the header
- It should be short and to the point, 5-10 sentences in enough
- State your hardship, and the circumstances that led you no longer being able to afford the property
- Make a strong case and relay the desperation of your case
- Do not blame your lender for your circumstances
- Do not write to much, they don't have the time to read it
- End the letter with something like "a short sale seems to be our only solution to avoid foreclosure" or "please consider a short sale on our property, we can find no other answer to our circumstances"
- Again, don't forget to sign and date it!
CLICK HERE to see a sample short sale hardship letter
While you may be stressed from the financial situation in your life, know that this is only a temporary season in your life. All things come to pass. While the short sale process is anything but "short", you can recover your credit and be ready to purchase a home again in as little as 18 months.
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