Short Sale Las Vegas – Short Sale Nevada – What is a Short Sale Hardship Letter – The Short Sale Hardship Package
las Vegas, NV – August 16, 2010 – (RealEstateRama) — The central document in the Short Sale package that will be submitted to the mortgage lenders that will be taking a loss in the Hardship Letter. The Hardship Letter provides the homeowner with an opportunity to state their case as to why they can no longer afford to make their mortgage payment.
The Hardship Letter should be any honest, heartfelt statement outlining the circumstances that have created the problem. It should include these components:
1. A brief apology for having to ask the lender to take a loss.
2. A description of the steps the homeowner has taken (used credit cards, borrowed from family, borrowed from retirement accounts) to stay current on the mortgage.
3. A clear statement that the homeowner has extended all available options to stay current on the mortgage and that a Short Sale is the only remaining option, other than foreclosure.
While it is important for the homeowner to provide a complete picture of their hardship, it is also important to avoid a letter that is excessively long. In order to get a loss mitigator to understand the hardship, the loss mitigator needs to read the letter and connect with the writer. Limit the letter to a manageable length. If possible, attach to the Hardship Letter any documents, receipts or notices that support the homeowner’s hardship.
Examples:
· Layoff notice
· Letter from employer outlining a reduction in pay or a reduction in hours
· Cancellation notices for medical insurance or auto insurance due to non payment
· Delinquency notices from creditors and/or services and utility providers
· Letters from doctors regarding injury or illness
· Disability benefits letter
· Divorce or separation papers
· Receipt for excessive payments for medication or emergency payments
· Any documents supporting a family crisis hardship
Borrower Hardship Letter Example #1
I am unable to keep current with my mortgage due to divorce. I am receiving no financial support from my husband and I have been a homemaker for the past 12 years.
I am employed, but because of my lack of skills, I am unable to earn much more than minimum wage. I have two children at home ages 7 and 9. With the cost of daycare and my other obligations, there is just no way to make the mortgage payment. I have used up any available credit just to keep food on the table. I cannot keep up my home and must sell it. The real estate market is such that I owe more than my home is worth.
My only other option would be to file bankruptcy. I am an honest, hardworking person and it is devastating for me to find myself in this awful position. I would deeply appreciate any help you can offer.
Sincerely,
*SEE MORE HARDSHIP LETTER SAMPLES
Need to sell – but owe more than your property is worth? We can help! With one of the highest success rates in closingNevada Short Sales, the Coldwell Banker Wardley Brokerage is on your side.
Visit http://www.ShortSaleInNevada.com or Call 702-604-7739 to sell your property today.
*To Receive your FREE Nevada Short Sale Kit – please send an email with your:
1. Property address, full name, phone and e-mail to sold (at) yournevadaagents (dot) com .
2. Loan Amounts if you know them and who they are with (ex. Bank of America, Wachovia etc.) – Do Not Send Account numbers in your e-mail.
3. No Obligation, No Hassle, Free Consultation IF you desire.
The Hardship Letter – 702-482-7739
