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.