A short sale can be a time when your emotions are running high. However, you do not want to let your emotions get the best of you, because they could jeopardize your chances of getting your short sale approved.
Here are five things you should not say in a short sale hardship letter.
Most banks and other lenders will require you to submit a hardship letter as part of your short sale package. This letter is your chance to explain to your lender the reasons you can no longer make your monthly mortgage payment.
There are certain things you could say or do in a short sale hardship letter than could keep your short sale application from being approved. You want to avoid these mistakes!
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go here Here are three things not to say and two things not to do in your letter.
You are attempting to negotiate a short sale because you cannot afford your mortgage. If you give the lender a reason to believe that this hardship is only temporary, they are not likely to approve your short sale.
Do not say that you are hopeful that your financial condition will improve soon. With so many people looking to short sell their property, if the lender believes your situation can turn around, they will look to approve a short sale for someone whose hardship letter presents a financial condition that will not improve.
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. Sample short sale hardship letter and other foreclosure letters and legal forms to send to the bank to help get your short sale approved. The hardship letter is likely the first thing that will be seen in your short sale package. Learn five things not to say when writing yours. If you want to avoid foreclosure with a short sale, deed in lieu, or loan modification, you'll need to write a hardship letter to your mortgage lender.
You need to convince the lender that your situation will not get better and that the property will fall into foreclosure if a short sale is not approved. Do not expect a lender to be sympathetic if you lost all your money gambling, spent it on drugs and alcohol or lost your source of income due to a long stint in here.
8. How do I write a hardship letter for a short sale? - Jeff Quintin
There are many other prospective short sale candidates waiting in the wings who have serious financial problems because of heart breaking reasons such as job loss or a death in the family.
A lender wants to see someone who has been responsible in trying to pay their debts, but has no other way out from underwater at this point.
How to write a short sale hardship letter. Tips so you can walk away with no deficiency and without owing the bank. Read sample hardship letters. When applying for a short sale, your lender might ask you to write a hardship letter. Whether you seek a short sale or a loan modification, the bank will request that you write a hardship letter. Tips for putting a hardship into words. Sample Short Sale Hardship Letters Lender Name Lender Address Lender's fax number Today's Date RE: Hardship Letter - Short Sale for _____ address. 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.
Do not mention your ability to obtain more money in your hardship letter. This may seem obvious, but it is not always so cut and dry.
You may think you are describing a negative situation, but the lender may view your statement positively. For example, you could be describing the fact that you have exhausted all of your resources trying to pay your debts. Do not use this type of example to prove a point. Do not include any additional money you could have access to, even if it is theoretical.
Loss mitigation departments will have hundreds or thousands of hardship letters to go through, so keep your letter short and to the point. Describe what caused your hardship, how you have tried to remedy the situation and why the hardship will not improve and a short sale is your only option before foreclosure.
Try to keep your hardship letter to one page in length. Do you remember when you were applying to college and read more had to write the dreaded college essays?
In addition to proving that you could form complete sentences, the purpose of these essays was to show the university what was unique about you and what differentiated you from other applicants.
The same is true of the short sale hardship letter. The lender wants to hear about your unique circumstances. In this technology driven age, a handwritten letter is often a nice touch. Updated September 20, Purpose of Short Sale Hardship Letter: