Hardship | realestateroadkillusa.com

Those who apply for short sales normally are required by their creditors to write a hardship letter that would be used to explain why the homeowner has failed to service their mortgage payments properly. If written properly, a hardship letter could be an extremely useful tool to help homeowners work on short sales easily, and present a stronger case to their creditors, especially to stop home foreclosure. Getting approval for your short sale is not easy, but with a well-drafted hardship letter, you could do it without much hassle. Let us now look at seven important tips that would make your hardship letter persuasive and favorable for you:

1) Make sure that you write the hardship letter yourself, not only would the letter be more believable, it would also make a more convincing case when you negotiate with your lenders. There is an option to hire a consultant to write the letter for you, but this could add unwanted expenditure, making it even more difficult for you

2) Explain clearly why you have been unable to service your mortgage payments. Reasons such as job termination, illness, death in family and job relocation would come in handy when you draft your letter. Don’t forget to explain why it has become difficult financially for you as well

3) Explain that you have tried to sell your home personally, or with the help of a real estate agency prior to this, but unsuccessfully. Also include the price that you started off with, and the price that you are willing to accept now. Make sure that the lenders understand that you are not running away from financial obligations, and that your financial situations is in reality precarious

4) Make sure that you letter is logic, and make sure that you attach all relevant information and documents with the letter when you send it to your creditor. Also check on the accuracy of the information provided, as you do not want to be careless when you draft a hardship letter

5) Make is clear to the bank that you want to avoid bankruptcy at all costs, and that is the reason that is driving the short sale. Lenders would be less likely to entertain your letter if they realize that you are preparing to file for Chapter 7.

6) Propose to the bank what you expect from them, and let them know how much the short sale would help you (as well as the bank). Also do not forget to put a clause that releases you from all future debts in regards to your home once the deal is clinched, this would safeguard you from future problems.

7) Last but not least, do not blame the bank for your financial complications, as this would only work against you!

Follow the seven writing tips as mentioned above, and stop foreclosure now successfully!

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
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Apr 05 2011

Write Strong Hardship Letters for Short Sales

Posted by Usual in Lender Approved Short Sales, tags: Hardship, Letters, Sales, Short, Strong, Write

Write Strong Hardship Letters for Short Sales

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Home Page > Finance > Real Estate > Write Strong Hardship Letters for Short Sales

Write Strong Hardship Letters for Short Sales

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Posted: Nov 27, 2009 |Comments: 0
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When homeowners are faced with selling their homes on short notice to avoid foreclosure, their first task is to write a hardship letter to the lender. While this is a very emotional time for most people, getting all the facts is what the banker or lending professional is concerned about. They realize that your decision to sell your home at a loss was not an easy one, but they need concrete reasons why they should participate in the short sale process. While writing, keep the emotions out of it. After all, it’s just business, as Mr. Trump would say.

There are several variations on styles of hardship letters, but at the very least, the content should contain some basic information. It can be hand written or typed, but it should be as professional as possible. If you have reached this unfortunate position, here are some steps to help guide you through the sometimes overwhelming process:

1. Find the name of the exact person at your bank or lender’s office that handles short sales. This means the actual person that makes the decisions, not the administrative assistant that will forward your letter to the appropriate person, when he/she is available. Direct contact is best from the start.

2. At the top of the letter, include the lender’s (company) name, address, phone and fax number. Also include the current date you are writing the request.

3. Start the letter to the person who makes the decisions (that you discovered through Step 1)

4. State the content of the letter, i.e. Re: Hardship letter - Short Sale for (your address). Add your name and the loan number.

5. Explain the course of events that have lead to your request for the Short Sale approval. Have you lost your job? Do you have to move to another state on short notice? Are you going through a divorce? Do you have medical bills that are overwhelming? Were you laid off and as a result, your income has dropped several hundred or thousand dollars per month? Take as much time as you can to clearly state this part of your request. Your reasons must speak directly to why you are unable to pay your mortgage.

6. Let your lender know that you have consulted a realtor, or a lawyer, for advice on how to avoid foreclosure. You were told that the only options would be to sell your home at a loss with the Short Sale, or file for bankruptcy.

7. Ask for permission to proceed with the Short Sale at the earliest possible date.

Be prepared for the answer “no”. Not all short sale requests are granted. You may have enough equity in the home that a very small profit may be realized, or the loss would not be unmanageable if you sold your home through regular channels.

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Dec 18 2010

Short Sale Hardship Letter Is Your Key To Winning With The Banks

Posted by Usual in Lender Approved Short Sales, tags: Banks, Hardship, Letter, Sale, Short, Winning

Short Sale Hardship Letter Is Your Key To Winning With The Banks

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Short Sale Hardship Letter Is Your Key To Winning With The Banks

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Posted: Mar 10, 2010 |Comments: 0
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With the way the current housing market is going there is no surprise that lenders are presenting delinquent homeowners with short sales as the option to take to avoid foreclosure. Lenders have made bad loans and those loans are destroying the housing market that is one of the main reasons why home values have dropped the way they have. Lenders came up with a loan that is known as an “adjustable rate mortgage” and an adjustable mortgage is good for homeowners that understand how to use it to their advantage. Most homeowners didn’t know how to use the adjustable rate mortgages which lead to one of the industry’s leading housing crisis to date. Lenders didn’t take the time to explain the process to homeowners, lenders were pushing paperwork through to homeowners with the mind state “sign here, so I can close so more loans”, not taking the time to make sure homeowners had a grasp of the adjustable mortgage.

That is why short sales are an integral part of lenders department called the loss mitigation, because short sales are the one sure fire ways to stop foreclosure, as well as, get lenders their bottom lines so they can re-invest the money that will be tied up through a long drawn out foreclosure proceeding. The major part of a short sale is the hardship letter.

The hardship letter is one of the documents requested by lenders so they can get an idea of what kind of mind state the homeowner that wants to walk away from loan has. No short sale will be processed until all of the necessary paperwork is submitted particularly the hardship, so in order to give the lender what they want the best thing to do is follow some of the foot steps of others that used successful hardship letters to explain their situation.

Some key points to keep in mind to make sure you have the best chances of writing a successful hardship letter is include your name, address, phone number, lenders name and account number at the top of your hardship letter. Include all of the above information because paperwork being processed by bank represented can sometimes get misplaced and by having that information will ensure your hardship letter will find it’s place back to your file.

The following items are some more things you want to drive home so your lender can step into your mind to see why you think a short sale is the most via option which will likely persuade them as well:

a) Include the steps you have taken to prevent from becoming delinquent in the first place. There’s more than a lender wants to see than for you to have exhausted every other way possible to continue making the payments, so if you lost your job, they will want to know did you file for unemployment or have you tried to borrow money from a relative.

b) They also want to know have you been through HUD counseling, since HUD offers free services so they can talk about the different options available for you.

c) They want to know have you tried selling your house for full market value. If you haven’t tried to sell your house on the open market, then that is something they will request before they consider you for a short sale.

d) Be sure to add any damages that need to be repaired that can keep the house from selling to cover their loan.

e) Request that the lender waives any deficiency judgment that they may consider pursuing since they are taking a lost on a short sale.

f) Sometimes it’s good to add that you will consider filing bankruptcy, because nothing scares a lender more than tying up their money for some unnecessary time if they don’t have too.

g) Make sure you hand write the letter because it gives your letter a personal feel, but if you can’t write legibly or find someone that can then go ahead and type it out then sign and date like you would if you were hand writing it.

Homeowners, short sales are a very delicate process and having a proper drafted hardship letter will work wonders for those of you that have a true hardship. As long as you have a permanent problem with a good letter backing up what you have said, then if you buyer comes with a reasonable offer you can be confident that your lender will take into consideration everything you have said and approve your short sale.

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D. Mazyck -
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D. Mazyck is the acquisitions manager for Buyers of Charlotte a web based company that buys houses from homeowners that find themselves in foreclosure and provide alternate purchase strategies such as buying through a short sale which can help homeowners stop foreclosure. BofC is now buying houses nationwide and setup a web page for homeowners to get more information about short sales. You can visit them Bofc at Short Sale and for homeowners that want to sell their house to stop foreclosure can go to Stop my Foreclosure, you can also call us toll free at (888)219-8619 extension 200. Be sure to bookmark this article and email it to your family and friends that might find the information useful.

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Nov 09 2010

Persuasive Short Sale Hardship Letters-7 Critical Writing Tips

Posted by Usual in Lender Approved Short Sales, tags: Critical, Hardship, Letters7, Persuasive, Sale, Short, TIPS, Writing

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Persuasive Short Sale Hardship Letters-7 Critical Writing Tips

By: Gerald Lucas

About the Author

Gerald Lucas, ‘The Short Sale Authority’ http://performanceshortsale.com/ has successfully negotiated hundreds of short sales over the past decade he has spent in the real estate business. He shares his extensive experience as a real estate investor, coach, college professor and lecturer. Mr. Lucas is Managing Director of Performance Property, LLC, a short sale negotiation company based in Jersey City, NJ http://www.performancepropertyllc.com/ Mr. Lucas holds an undergraduate business degree from Howard University as well as an MBA from MIT’s Sloan School of Management.

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Article Source: http://www.articlesbase.com/ - Persuasive Short Sale Hardship Letters-7 Critical Writing Tips

Most lenders require homeowners applying for a short sale to write a hardship letter. A hardship letter is a written explanation describing why a borrower is not able to make his or her mortgage payments. The thought of writing a hardship letter sometimes causes fear and anxiety in homeowners, but it’s really quite simple and if written properly, a good hardship letter can help a homeowner make a powerful case to their lender. Certain elements written into your hardship letter can help make your case to the bank while others can hurt your chances of getting a short sale approval. Here are 7 tips to writing a persuasive hardship letter:

Write it yourself. This is your story, only you can tell it convincingly, so make sure you write it.
Explain the events and personal circumstances that contributed to your inability to make your mortgage payments. Examples include: tenant problems, a medical condition or illness, job loss, job relocation, death in the family, divorce etc. Also, describe any additional circumstances currently making your financial situation difficult.
Describe all attempts previously made to sell your home either by you personally or through a real estate agent. Be sure to include all previous price adjustments. The fact that you’ve already tried to sell your home helps make a more compelling case to your lender that your financial hardship is real and that you are not just trying to walk away from your financial obligation.
Don’t blame the bank for your financial trouble in your hardship letter. Scapegoating the people that you are trying to convince to reduce your mortgage does not work to your advantage, so don’t do it!
Make sure your hardship letter makes logical sense. More specifically, make certain your hardship letter does not contradict any of the other personal documents your bank is examining as part of your short sale application (i.e. your bank statements, personal financial worksheet, pay stubs, tax returns).
Tell your lender that you want to avoid bankruptcy. If the bank believes that you intend to file bankruptcy, it will be less likely to seriously consider your short sale application.
Tell the bank what you want them to do. Although your ultimate goal in pursuing a short sale may seem obvious to you, it may not be to your bank. In your hardship letter, don’t forget to ask your lender to accept your buyer’s sales contract, approve your short sale application and forgive any deficiency that may arise as a result of the short sale.

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Gerald Lucas, ‘The Short Sale Authority’ http://performanceshortsale.com/ has successfully negotiated hundreds of short sales over the past decade he has spent in the real estate business.

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May 23 2010

Short Sale Hardship Letter Sample.

Posted by Usual in Short Sales, tags: Hardship, Letter, Sale, Sample., Short

A Short Sale Hardship Letter Is The Most Important Financial Hardship Letter You Will Ever Write. Your Financial Life Is In The Banks Loss Mitigators Control And Properly Writing A Hardship Letter For Short Sale Is Crucial.
Short Sale Hardship Letter Sample.

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Jan 24 2010

Tips For Writing a Short Sale Hardship Letter to Save Your Home From Foreclosure

Posted by Usual in Lender Approved Short Sales, tags: Foreclosure, From, Hardship, Home, Letter, Sale, Save, Short, TIPS, Writing

A short sale hardship letter is perhaps the most important letter any homeowner will ever write. The letter of hardship allows borrowers to present the circumstances that caused them to become delinquent on their mortgage note.

When writing a short sale hardship letter, it is important to remember the letter will be read by a human being. Banks employ loss mitigators to work as mediators between borrowers and lenders. Although loss mitigators do not make the decision to approve or disapprove a short sale request, they do have considerable input.

The words and emotions expressed within the hardship letter can sway the loss mitigator to help borrowers obtain short sale approval. This is not to say homeowners should fabricate misfortunes. In fact, people who lie in order to obtain short sale authorization could be charged with a criminal offense.

It’s always a good idea to draft an outline of the letter of hardship. Most people find they need to write this letter several times before obtaining their final version. Start by creating a timeline of the events which led to your inability to pay the mortgage. Then, write out a detailed description of these events and how they affected you.

Keep in mind that banks don’t like losing money. Many people believe a short sale means they can sell their home for any price they want and write-off the remainder of their mortgage balance. Most banks only allow borrowers to list their real estate at around 10-percent under market value and require the sale be facilitated through a licensed realtor.

The following is a sample short sale hardship letter. While each lender requires their own format, this will give you an idea of what banks are looking for.

Dear Lender,

We are contacting you today to request short sale approval for our property located at 1212 Sunny Lane. Unfortunately, we have fallen on hard times and are no longer able to meet our mortgage obligation.

We purchased our home in March 2006. At the time, I was employed as a construction supervisor and my wife operated a licensed daycare center from our home. In April 2007, I was involved in a car accident and had to undergo multiple surgeries. I was unable to return to work on a full-time basis for over a year.

In August 2007, my wife was diagnosed with breast cancer. Due to her treatments and hospitalization, she had to close the daycare. This caused us to lose over $2500 in income each month.

In December 2007, the company I worked for went out of business. Not only did we lose my income, we also lost our health insurance. We were unable to find an insurance provider who would pay for my wife’s treatments because they were considered pre-existing.

Although we were able to obtain some financial assistance through the hospital, we had depleted our savings account by June 2008. My wife has recently been able to reopen the daycare, but at this time she is only able to care for three children. Currently, she brings in $900 per month.

My unemployment benefits run out in June of this year. I have yet to find fulltime employment, but work odd jobs when I am able to find them. Our combined monthly income is around $1700. Considering our house payment is $1450 per month, I believe you can see why we are unable to cure our arrearages and become current.

We sold my wife’s car and my motorcycle so we could continue paying for medical treatments. We have enrolled in budget billing through our utility company and eliminated extra features on our phone and cable. We shop at discount grocery stores and utilize coupons whenever possible. We do not go out for dinner, go to movies, or engage in frivolous spending habits. However, we simply do not earn enough to make ends meet.

Obtaining short sale approval would eliminate a tremendous amount of stress and allow my wife to focus on improving her health. We greatly appreciate the opportunity to participate in a short sale and thank you for taking time to review our situation.

Sincerely,

John and Jane Doe

If you are delinquent on your mortgage and feel a short sale would benefit you, you must contact your lender to discuss this option. Not all banks engage in short sales; nor are they required by law to authorize this type of real transaction. Therefore, it is crucial to be respectful and not lose your temper when talking to the loss mitigator handling your case.

Once a short sale is authorized, you must work closely with your lender and provide requested documents in a timely fashion. Even more important, you must learn how to write a hardship letter that is compelling, factual and concise. Doing so can greatly increase your chances of success and potentially free you from your mortgage loan debt.

Simon Volkov, author of “The

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Jan 15 2010

Tips on How to Write a Short Sale Hardship Letter

Posted by Usual in Bank approved short sales, tags: Hardship, Letter, Sale, Short, TIPS, Write

A letter of hardship is a statement written by a debtor that main goal is to convince a bank or mortgage institution to agree to a short sale of an asset or property. A short sale is the sale of an asset or property for less than the value of mortgage or loan. This sale is a settlement between the debtor and the financial institution that allows the bank to recoup some financial losses associated with bad or defaulted loans. A short sale also allows the debtor to avoid imminent foreclosure. In order to apply for these short sales, the debtor must convince the banking institution of his or her inability to repay the loan or debt. This statement is often made in a letter of hardship.

When writing a letter of hardship, it is important to remember that the primary point of the letter is to convince the financial institution that the debtor, due to certain issues, is not likely to repay the outstanding loan. If the banking institution is properly convinced that the debtor will default on the outstanding loan or mortgage, then they may decide to agree to a short sale of the property or asset. A letter of hardship should be detailed and personal. It should describe the debtor’s current financial situation, listing current income, other loan obligations, and any potential collateral available. The letter should also attempt to explain why the debtor will likely not be able to repay the loan obligation. Remember that the individuals who will decide whether or not to issue a short sale are human. They will be more likely to issue a short sale if the debtor has incurred unforeseen debt or expenses. This unforeseen debt could be related to a death in the family, personal health problems, or any other reason that has led to the unexpected financial stress. The debtor should be honest in a letter of hardship and stress the exact reasons why he or she has fallen behind on their mortgage or loan payments.

It is estimated that loan officers receive forty to fifty applications for a short sale per a day. Less than one short sale is approved for every ten applied for. Oftentimes, a letter of hardship is what separates an approved short sale application from those applications that are denied. The letter should be truthful and personal. There are many real estate companies that offer to write a letter of hardship as part of a short sale package. While these packages are often very professional and the experience of qualified real estate agents is helpful and reassuring, a letter of hardship should only be written by the debtor. This letter should be short, usually under one page. However, there are no set rules. A compelling letter of hardship can often run two or even three pages. The debtor should try to resist the urge to list a set of excuses for his or her current financial situation. Instead, the debtor should focus on concrete reasons for why they have fallen behind on their mortgage or loan payments. Acceptable reasons for falling behind may include the death of a wage earner, unexpected health costs, or the loss of a job. Try to avoid any mention of any unexpected legal fees associated with a criminal defense or personal lawsuit as a reason for the failure to repay a loan or mortgage.

How to write a short sale hardship letter.

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Jan 09 2010

Short Sale Hardship Letter - Expert Advice

Posted by Usual in Lender Approved Short Sales, tags: Advice, Expert, Hardship, Letter, Sale, Short

A short sale hardship letter is the most important part of the short sales application. Short sale hardship letters are the key to getting approval by the mortgage lender. Applications are accepted or rejected by a Loss Mitigator who works for the lender to try to stop foreclosure. A lender might be looking at stacks of distress letters from other homeowners. Your short sale hardship letter needs to stand out and touch them without crossing the line into being overly emotional.

A short sale can be the answer to the prayers of a homeowner facing foreclosure. It is an agreement from the lender to accept an offer on the house for less than what is owed on the mortgage note. Wonder why a lender would agree to absorb the mortgage loss? With the market value of so many homes plummeting, too many homeowners default on loans and home mortgages and let homes be foreclosed. These sales will keep a foreclosure from ruining your credit for years to come. Knowing how to write a short sale hardship letter can be the difference between bankruptcy and financial stability.

Only one out of ten applications is approved by banks. Each bank has different procedures. If the proper forms aren’t submitted, or the short sale hardship letter isn’t compelling enough, it will be denied.

It might be approved, but with a Deficiency Judgment. A Deficiency Judgment forces the homeowner to pay the difference between the shorted amount and the actual loan. You could end up with no house and owe thousands.

You can hire someone to write a short sale hardship letter for hundreds of dollars. You can even attend lengthy, expensive seminars to learn how to write one yourself. Here’s something they don’t want you to know; you can learn how to write your short sale hardship letter for a lot less.

Go to ShortSaleHardshipLetter.com. All the information you need is available in a simple step-by-step ebook. This book has insider secrets to getting your short sale hardship letter approved by the mortgage company.

Did you know the type of paper used and ink color can influence the lender? Or approval of you short sale hardship letter is more likely on certain days of the week? There are so many variables that can make or break your letter. Learn how to get approved by using tricks of the trade we’ve learned after analyzing thousands of approved short sale hardship letters.

The Short Sale Hardship Letter ebook is updated regularly to ensure that it contains the most accurate information. It’s only available for a limited time before being removed for revisions. You can’t afford to wait months for the next version to be released. Buy it now.

A short sale hardship letter is the one chance to gain relief from your lender. A good short sale hardship letter can save your credit and financial future by stopping foreclosure. Don’t lose another nights sleep stressing over your home mortgage note. Order this ebook now and put an end to your financial nightmare.

Simon Volkov short sale real estate investor provides tips and tricks about how to write a short sale hardship letter that works. After many years of doing short sales and working with the banks loss Mitigators he found the formula of success to increase the acceptance of your hardship letter.

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