Short Sale Hardship Letters
Short Sale Hardship Letter Samples
When you need to short sale your home, you must prove to your lender that you really can’t afford your home anymore and must sell it or let them foreclose. Banks do not like losing money and they need a good reason to approve your short sale and forgive your delinquencies. Whether you are short selling a $100,000 home or one over $1 Million, Help A Home can assist you. Short selling your home with a qualified & experienced short sale agent will not cost you a penny and it can save your credit. Your lender may even pay your moving expenses. All Help a Home services and short sale Realtor referrals are free.
Because your lender may need convincing, you need to include a hardship letter in your short sale documents. This letter explains to your lender why you cannot make your mortgage payments, are trying to find a buyer for your home and avoid foreclosure. Hardship letters are essential to getting your short sale approved.
Help A Home Tips:
- Explain your circumstances clearly. Is it a job loss, an illness, a divorce, or something else that is keeping you from making the payments? Whatever the reason, be prepared to back them up with documentation of reduced income. Click here for short sale hardship letter samples.
- Emphasize that you are trying to avoid bankruptcy. Bankruptcy proceedings tie up properties for months and complicate the issues, banks don’t like that.
- What ever you do, don’t blame your lender! They constantly are hearing how they have caused the problem and even if you feel they have taken advantage of you, remember that you are asking for their assistance.
- Ask for what you want. Tell them up front you want a short sale approval.
- Don’t forget to ask them to forgive any deficiency amount that might arise.
- Ask for financial Incentives. Request $3,000 for borrower relocation assistance.
- Include a CMA or Comparative Market Analysis of you home. An experienced short sale Realtor will be provide you a CMA at no cost. Learn more…
Remember that lenders are in the business of making money, and they normally understand that doing a short sale is preferable to foreclosing on a home. You simply need to remember that somewhere in an office is a person who wants to be treated with respect just like anyone else and they have the power to approve or decline the sale of your home. You don’t have to kiss up to them and only be as factual as necessary. Also be respectful in your short sale hardship letter and it will go a long way in convincing them to approve your short sale.
Click here for free short sale hardship letter samples.