How To Write A Hardship Letter For A Short Sale

by John Cleary on January 24, 2012

In the present day’s doubtful business crisis, many have found themselves incapable of making their mortgage installments and are faced with a large amount of debt. In such cases, it could be feasible to write a hardship letter for a short sale. For those homeowners unacquainted with this term, a short sale hardship letter is a document sent to a bank or other financial establishment that asks the lender to consider a short sale to stop foreclosure proceedings. These letters are reviewed by bank officials, and including certain information is essential in any hardship letter.

First off, begin the letter explaining the circumstances or situation for which your home payments have not been made.

Secondly, outline the present financial situation and explain a scheme to get back on course with payments. House repossessions are customarily costly and banks will lose money. They are inspired to not foreclose and by being open and pleased to discuss options with the lender, your chances of keeping the house are seriously increased.

Thirdly, do not make excuses. Give valid reasons for what has occurred, but avoid complaining or mentioning the prejudice of the situation. A bank official will not be considerate or motivated to help a person that isn’t willing to work diligently and avoid a foreclosure. When writing the letter, ensure that all of the details and facts are stated clearly. Don’t get into too much detail or over simplify the situation and be sure to express a willingness to meet with the bank to explore options. Before sending the letter, have someone else read it for spelling or grammar errors and to ensure that the document reads well.

If facing foreclosure, consider writing a hardship letter for a short sale. Banks are frequently happy to work with people or families to assist in avoiding foreclosure and can offer great information and methods for getting back on track financially.

After John Cleary lost his job, he could no longer make his house payments. He was able to short sell his home because he found someone who helped him write a very strong hardship letter. Sample letters can give you great ideas of how to write a hardship letter.

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