What Information Should I Include in a Short Sale Hardship Letter?
Today's question is what type of information should I include in my hardship letter when submitting a short sale application?
We'll be discussing some of the key points you should highlight in your hardship letter to make a compelling case for yourself and really optimize your chances of successfully obtaining approval from the lender on your short sale.
You really want to make it a point to emphasize and highlight the event or the sequence of events leading up to the default on your mortgage.
Whether that be a divorce, a job lost, having to take care of an ailing family member. You want to go into great detail and really create a compelling hardship narrative to build your case. Moreover you're going to want to go into great detail regarding your financial circumstances to show that your expenses exceed your monthly income.
Again, all with an eye towards showing the lender that you simply are not in a position financially to continue making those mortgage payments and that's why you defaulted on your loan.
Include a section on how you attempted to stay current on your mortgage to the best of your abilities.
But due to your financial circumstances, you are simply unable to keep making the payment and that will show the lender that there was a good faith effort on your part to hold up you under the bargain and keep paying your mortgage. Which in theory would make you a slightly more sympathetic borrower and the lender would be more likely to provide you with some form of meaningful relief.
And no hardship letter would be complete without a section that specifically request a form of meaningful relief to help you, the borrower, avoid foreclosure. In this case, that would be a short sale.
And finally, you want to make sure to thank the lender for its consideration and review.
And those were just a few of the crucial points that you want to be sure to include in your hardship letter when applying for a short sale.
If you have any questions please feel free to reach out.