Archive for the ‘Short Sale Hardship Letter’ Category

Short Sale Hardship Letter

Sunday, October 11th, 2009

stockxpertcom_id7531831_jpg_39adf0f173c280a13d38ffdd401d89b1The short sale is one of the popular alternatives to avoid the embarrassment that comes with a foreclosure. However, the problem with a short sale proposal is that the lender will not be excited with the idea because he will be incurring a loss. It is therefore vital to show to him that you are indeed incapable of continuing with the monthly payments and that the short sale would actually reduce his losses. Such is the role of the short sale package and the most important component is the hardship letter.

Aside from the hardship letter, there must be sufficient documentation that you are indeed suffering from a financial hardship. If the lender finds any unnecessary expense in your financial statements, that would be the end of your short sale proposal.

It is advisable for the hardship letter to be heartfelt and emotional. Trying to hide your embarrassment for your current condition may actually work against you. It is important to remember that the person who will read the letter is a human being who could be affected by emotions. However, this does not mean that you should make up a story that is totally untrue. Another point to remember is that you do not also want to imply in your letter that you are in your current financial condition because you do not know how to manage your finances.

Meanwhile, experts believe that a handwritten hardship letter would be more effective than a typewritten one. It is also advisable to consult an expert to ensure that you have all the necessary documents.

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