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In order to go through the process to get a short sale, you will need to supply your bank with a hardship letter. This is often the determining factor in whether or not you will be granted a short sale with the bank and as such, a lot of effort will need to go in to writing this letter. If you do not touch on the necessary points in your letter, you may not get an approval for a short sale. A vital of the hardship letter is to make sure that the bank understands your unique dilemma in order to convince the bank to allow you to short sale your home.
Beginning Steps
First, it is a good idea to sit down and make a list of all of the reasons why you need to do a short sale. You can put anything you want on this list since the bank will never see it. Think of this as a brainstorming session to help you put your thoughts together before you actually write the letter. Include everything that you can think of as to why you no longer want your home and the steps that brought your situation about.
Go through your list and focus on the reasons that are financial in nature. While it may be true that you don’t want your house anymore because you owe more than its worth and you know you’ll never get your money out of it, this isn’t exactly the first reason you want to list in your letter. Focus on changes in your financial situation, and why you are no longer are able to keep your home.
Hardship Examples
A good example of this would be if you have been laid off, or if you have suddenly lost a portion of your income – this would certainly make it difficult if not impossible to continue making your payments. Go through exact figures to state your case, this is not the time to be nebulous.
Put your letter together formally. While you certainly can write it out long hand, it’s best to be professional and type it in. You should keep your letter to less than one printed page. While it is tempting to go on and on about your financial situation, brevity is best when it comes to a hardship letter. State your case clearly and concisely.
Structure your letter with an introduction and your request. The next three paragraphs should indicate your financial situation and the reasons behind why you need a short sale. In the last paragraph, make it clear that you are simply no longer able to keep paying on your mortgage. It is up to you to state whether or not you are looking at a foreclosure as an option in this closing paragraph. Most will prefer to keep the tone civil before making what a bank may perceive as a threat.
Go through your letter before you send it and check for any errors or see if there is anything that can be added to make your case for a short sale stronger. Once you are done, you can submit your hardship letter to your bank.
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Tags: Agent, Bank, buy, Cardiff-by-the-Sea, Carlsbad, Del Mar, Encinitas, Hardship Letter, Home House, Real Estate, San Diego, sell, Short Sale, Solana Beach
Posted In Blog, Short Sales
This entry was posted on Wednesday, January 13th, 2010 at 10:27 pm and is filed under Blog, Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.