Greensboro, NC Realtor: Write A Short Sale Hardship Letter That Gets Results!

Write A Short Sale Hardship Letter That Gets Results!

A hardship letter is an essential part of your documentation when applying for approval of a short sale.  After handling many short sales in Greensboro, NC and throughout the Triad, we have a few suggestions.  The hardship letter serves as your opportunity to tell the lender why you are no longer able to make your mortgage payments and a well-written letter can make-or-break your case! 

When drafting your hardship letter, explain everything that has happened that has led to this financial situation.  Go back to when the struggle began and tell your story.  For example, if you lost your job and were unable to find another one, that would seriously hinder your ability to pay your bills.  A job loss may also result in an increase in medical expenses, due to the COBRA premiums or because you are now uninsured.  Include as much specific information as necessary to support your claim that you are no longer able to make your mortgage payments.  Other reasons that often are evidence of hardship include divorce, severe illness or death of a spouse. 

Next, the letter should list everything that you have done in an attempt to fulfill your financial obligation. What have you done to try to sell your home?  Include the name of your current agent, his or her contact information and information about how it has been marketed and long it has been for sale.

Finally, ask specifically what you would like.  If you are enclosing an offer from a buyer, ask that it be approved.  Ask politely that the proceeds be considered payment in full to satisfy the liens.  Thank the lender for its time and consideration, even if you have had difficult communications with them in the past.  

Make sure the letter has your signature.  You may want to ask your Realtor to review the letter but it should be written by you. 

Greensboro or the Triad, if you have any other questions about short sales or avoiding foreclosure, please contact the #1 Greensboro short sale agent, Kelly Walters

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Comment balloon 2 commentsAndy Leung • September 25 2010 08:33AM

Comments

Good advise,  thanks.  Feel bad for the folks going through a hard time now, but, I hope things get better soon.

Posted by Kenneth Cole, NYS Licensed Real Estate Salesperson (Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com -) almost 8 years ago

I agree 100% but we are glad to have helped some people avoid foreclosure. 

Posted by Andy Leung, The Power to Move You! (Team Leung-Keller Williams) almost 8 years ago

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