What Is a Short Sale?Ī short sale occurs when you sell your home for less money than you owe on the mortgage. This article discusses what to include-and what not to include-in a hardship letter requesting approval for a short sale. If you choose to write a hardship letter for a short sale, you’ll want to make yours stand out to lenders so that you have a better chance of avoiding foreclosure. This means short sale hardship letters are particularly important. Short sales are preferable to foreclosures because they’re less damaging to a homeowner’s credit score, prospective employment, and ability to secure a future loan. What Shouldn’t Be Included in a Good Hardship Letter?Ī homeowner who can’t afford their mortgage and wants to avoid foreclosure can send their lender a hardship letter to try to get a short sale approved.Documents To Include With a Hardship Letter.What Needs To Go into a Good Hardship Letter?.It is better to send it via traditional mail to obtain a receipt. Once again reiterate that you are worthy of the loan modification, thank the recipient of the letter for their time, add your contact details, and sign the document.It is important to be not only concise and honest but also keep your tone professional and polite - do not blame the letter reader for troubles or constant calls you may have received so far, simply present the facts and leave the personal feelings to yourself. When writing a Hardship Letter for Loan Modification, you need to remember this document will decide your financial future and might be used later as evidence against you in case your loan becomes a matter for the court.If you strongly believe you will be able to return to a regular payment schedule after a certain period of time, you may promise the lender to get back to the original arrangement in six months or a year. Be precise with what you are asking - you can request the modification of the loan or a short sale if you are behind on your mortgage.
You must not only indicate the reason for your poor financial standing, but also prove it by referring to documents, statements, affidavits, and medical records that confirm your words - attach the copies of the supplemental documentation to the letter. Explain the circumstances that led to your financial troubles - maybe you have lost your job, received overwhelming medical bills, went through a divorce, or suffered from a natural disaster.
Greet the lender and introduce yourself.Here is how you compose an effective Hardship Letter for Loan Modification:
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