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How to write a Short Sale Hardship Letter
How to write a Short Sale Hardship Letter
Despite the recent improvement of our housing market on a national level, a high percentage of home owners still find themselves in a negative equity position where they owe more than the value of their home.  If you are in a difficult financial situation like much of the country,  a short sale may be the only alternative to a foreclosure.  We do have a saying we use in the business, "a short sale is only for those that HAVE to sell, not for those that WANT to sell".  In a short sale, your lender will require you to prove your financial hardship, and the short sale hardship letter is a critical piece of required documentation.
 
What constitutes a "financial hardship"?
Loss of employment or reduction in income Death in family or major unexpected medical expenses Relocation or Job Transfer Increased bills or expenses Major repairs needed to property, without resources to pay for them Divorce   By the time a home owner is considering a short sale, most have already done a "band aid" loan modification, either a forbearance or repayment plan, which is a temporary solution to a long term problem.  If you have already written ... more

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