What Is Included In A Short Sale Hardship Letter?
Arizona Short Sale Realtor Cody Sperber Explains
What Is Included In A Short Sale Hardship Letter?
You lose your job, get sick, or are in the middle of a nasty divorce! There are many reasons why a homeowner would fall behind on their mortgage payments and in order for your lender(s) to begin looking at the Short Sale option, you need to prove a financial hardship. This is done by writting a
Short Sale Hardship Letter to your lender(s) explaining your situation. Obviously every homeowner has a unique explanation of “why” they are in there current situation. Some of the most common financial hardships include:
- Too Much Debt
- Unemployment
- Reduced Income
- Divorce
- Death of my Spouse
- Separation
- Medical Bills
- Death of a family member
- Payment Increase
- Business Failure
- Job Relocation
- Illness
- Damage to Property
- Military Service
- Incarceration
- Other (Please Specify)
Included in a Typical Short Sale Packet is a
Short Sale Hardship Letter. Basically you want to explain the “hardship” that caused your delinquency. Remember, anything you say in the
Short Sale Hardship Letter about what caused you delinquency needs to be verified! Get any and all documents together to do so and attach them with your letter.
Here are some basic tips to remember when writing your Short Sale Hardship Letter:
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Start off with all the names on the loan(s) and the loan numbers
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Explain your financial situation as well as your hardship
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Explain what expenses you have decreased in order to try and make your mortgage payments. Ex. Cut back on cable TV and eating out.
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Have a “call to action” of what exactly do you want the lender to do. For example, please work with XYZ Investment Co. in purchasing my home.
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Explain to them that you understand that will not be receiving any proceeds from the sale of the home.
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Handwritten is probably better (as long as it is legible).
It is our suggestion that you type out your
Short Sale Hardship Letter up first until it sounds the way you want it to, then hand write it out. This is an important part of the Typical Short Sale Package that must “tug” on the heart strings of your assigned Loss Mitigation Specialists. CLICK HERE TO CONTACT ME NOW!
602-626-3598
