How To Write A Short Sale Hardship Letter
The hardship letter is one of the key factors of getting approved for a Short Sale. If you can write an accurate hardship letter and obtain a market value offer The chances of getting approval improve greatly.
- The goal is to write a brief, yet complete, request for a lshort sale. It should be one page with no more than 3 to 4 paragraphs. They do not have time to read your life story.
- Explain why you can no longer afford your monthly house payment.
- Describe how you have tried to rectify the situation.
- Ask for help explain how you have no alternative but to seek a short sale to avoid foreclosure.
1- In the first part of the Hardship letter, give your brief intro. Tell your lender who you are and apologize for defaulting on your obligation.
2-In the Second part, clearly explain which kind of hardship you are suffering from and what has led to the income loss. Whether you are suffering from job loss, divorce, death, business income loss or anything else. Very clearly and briefly explain your hardship. Also explain the measures you have taken to make rectify the situation (depleting your savings, borrow from family and friends, Etc.)
3-In the third or fourth if you are requesting a Short Sale ask for help. Advise that you have place the house on the market with a realtor and have no alternative but to seek a short sale to avoid foreclosure.