Persuasive Short Sale Hardship Letters - 7 Significant Writing Pointers
Posted by Usual in Lender Approved Short Sales, tags: Hardship, Letters, Persuasive, Pointers, Sale, Short, Significant, WritingPersuasive Short Sale Hardship Letters - 7 Significant Writing Pointers
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Home Page > Finance > Real Estate > Persuasive Short Sale Hardship Letters - 7 Significant Writing Pointers
Persuasive Short Sale Hardship Letters - 7 Significant Writing Pointers
Posted: Apr 11, 2010 |Comments: 0
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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
What are tax implications of short sale ?
What are the repercussions of a short sale ?
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