Las Vegas Short Sales - Short Sale Hardship - The Hardship Letter - Short Sale Help in Nevada

By
Real Estate Agent with The Ballen Group Real Estate Network, The Ballen Method S.0075212

702-482-7739 - http://www.ShortSaleinNevada.com - Lori Ballen Wekerle and Coldwell Banker Wardley Real Estate Short Sale Services in Nevada

The Hardship Letter

Short Sale Hardship Letter

The central document in the Short Sale package that will be submitted to the mortgage lenders that will be taking a loss in the Hardship Letter. The Hardship Letter provides the homeowner with an opportunity to state their case as to why they can no longer afford to make their mortgage payment.

The Hardship Letter should be any honest, heartfelt statement outlining the circumstances that have created the problem. It should include these components:

1. A brief apology for having to ask the lender to take a loss.

2. A description of the steps the homeowner has taken (used credit cards, borrowed from family, borrowed from retirement accounts) to stay current on the mortgage.

3. A clear statement that the homeowner has extended all available options to stay current on the mortgage and that a Short Sale is the only remaining option, other than foreclosure.


While it is important for the homeowner to provide a complete picture of their hardship, it is also important to avoid a letter that is excessively long. In order to get a loss mitigator to understand the hardship, the loss mitigator needs to read the letter and connect with the writer. Limit the letter to a manageable length. If possible, attach to the Hardship Letter any documents, receipts or notices that support the homeowner’s hardship.

Examples:

· Layoff notice

· Letter from employer outlining a reduction in pay or a reduction in hours

· Cancellation notices for medical insurance or auto insurance due to non payment

· Delinquency notices from creditors and/or services and utility providers

· Letters from doctors regarding injury or illness

· Disability benefits letter

· Divorce or separation papers

· Receipt for excessive payments for medication or emergency payments

· Any documents supporting a family crisis hardship

Borrower Hardship Letter Example #1

I am unable to keep current with my mortgage due to divorce. I am receiving no financial support from my husband and I have been a homemaker for the past 12 years. I am employed, but because of my lack of skills, I am unable to earn much more than minimum wage. I have two children at home ages 7 and 9. With the cost of daycare and my other obligations, there is just no way to make the mortgage payment. I have used up any available credit just to keep food on the table. I cannot keep up my home and must sell it. The real estate market is such that I owe more than my home is worth. My only other option would be to file bankruptcy. I am an honest, hardworking person and it is devastating for me to find myself in this awful position. I would deeply appreciate any help you can offer.

Sincerely,

Borrower Hardship Letter Example #2

My wife has recently suffered a devastating illness. She is unable to continue working and it may be years before she is well enough to work. She has been the primary wage earner in our family for the past 10 years. My income cannot come close to covering our monthly expenses. We find ourselves deeper in debt every month with no relief in the foreseeable future. I have sold our second car and anything else we do not absolutely need. Our home is large and the minimum monthly expenses for the upkeep, electricity, gas, etc. are very high. Our only hope at this time is to sell our home. Unfortunately, if we sell our home in the present slow real estate market, we will be upside down about $30,000.00. Our only other alternative is bankruptcy. We would appreciate any help you are able to provide.

Sincerely,

Borrower Hardship Letter Example #3

As a result of upward adjustments to our monthly mortgage payment, my wife and I are unable to afford our mortgage. As I sit here today it’s not clear to me how I ever thought that we could afford the mortgage once payments started adjusting. I wish my loan officer would have explained to us where our monthly payments were going to be when they adjusted. We have borrowed money from family and we have taken cash advances on credit cards, but we are falling further and further behind with no real hope of affording the payment. At this point, we can’t do it any longer. Both my wife and I are very sorry that this has happened. We are losing our dream house, and we know you are losing too. We just don’t have any other options. Please work with us on a Short Sale. We don’t want to go through foreclosure, but if we can’t do a Short Sale, we will not be able to avoid it. Thank you for your consideration.

Sincerely,

Las Vegas Short Sales

Posted by

You may not be familiar with Lori Ballen, Ballen Brands, or The Ballen Method - but I’m almost certain one of your respected professional peers is. Someone you know likely knows my name. Talk to your associates, your friends in real estate, and ask what they know about the Ballen name. I’m confident you’ll be intrigued. My reputation wasn’t crafted by accident, irony, chance, or luck. I earned respect (and rewards!) the hard way. Using the stepping stones I’ve spent more than a decade constructing, you, too, can build your success story in business. I share my failures (and my win/wins!) to help you succeed.

 
Long before 2010, I was a business owner faithfully (and sometimes embarrassingly!) practicing my motto, “fail forward”. I built millions in various business ventures, and I threw millions away through haphazard mistakes, dangerous habits, and bad choices. Although I lost millions, no one can subtract experience. The valuable lessons I learned were engrained in my being. My marriage was also on the brink of disaster. But my husband and I held on by the tattered threads of our rags to riches dreams, gathered up our life lessons, and joined Keller Williams Realty in September of 2010 with a wish and a prayer. When we became a part of the Keller Williams family, all we had was a computer, faith, and an undying need to succeed. By the end of that year, we closed 100 internet driven transactions… with no database.
 
In the six years that followed, growing organically through trial, error, and triumphs, I also launched a training and marketing company, Ballen Brands, to assist honest, hard-working professionals like you. I know how difficult the road to success is, and I know no one needs to walk it alone.
 
All of my lead generation - all-of-it - is done through search engine optimization (SEO) and social media. I learned the difficult way and I validate my experiences by recycling my hard knocks to demonstrate for you a simple way to dominate digital strategies. And the good news is, your success story won’t cost you millions over decades like mine did! It will only take you a short amount of time and a small investment to build your business, your reputation, and your riches. My marketing class was designed with you in mind.
 
You are invited to join me on the evolving journey. If you’ll allow me, I can show you mind-blowing tricks of the trade and secrets of success. I’m so sure of your potential growth in my classes, I’m willing to put my name on the line. All you have to do is register now. Need to think about it? Click here to learn more.
 
I’m so excited to meet you, to shake your hand, to answer your questions, and to help you grow your business.
 
Sincerely yours,
 
Digital Marketing Strategist
Ballen Brands - Helping Business Professionals Rise Above the Noise.
702.917.0755
 
 
P.S. You may just love my new B.R.E.W. websites!  B.R.E.W. stands for Ballen Real Estate Websites, and they’re gorgeous as well as functional. To learn more about B.R.E.W.s and other Ballen Brands services, you’re invited to visit us at BallenBrands.com, or call Jeff at (702) 917-0755. 

Web Analytics

 

Clicky

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Nevada Clark County Laughlin
Tags:
las vegas short sales
n
las vegas short sale specialist
las vegas short sale agent
las vegas short sale realtor
las vegas short sale process

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
960,812

Lori Ballen

Digital Marketing Strategist
Find Out what Your Home is Worth
*
*
*
*
Spam prevention

Additional Information