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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.
·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.
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.
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.
About The Author
Lori Ballen is a Mega Agent with an award winning real estate team in Las Vegas called The Ballen Group at Keller Williams Realty Las Vegas. Lori and her husband Richard Ballen have owned multiple successful businesses based on her marketing strategy which is now called “The Ballen Method" Lori and Richard now travel and train other business professionals on her methods which include Identifying a Niche, Finding a Target Audience, Creating a Message and a Product and then using Blogging, Press Releases, Social Media, Classified Ads, Video and Fresh, Relevant web site content with Disciplined Consistency in order to dominate the search engines for desired searched keyword strings.
Lori Ballen has become known for her “Keeping it Real” style and approach to Social Media. What you see is what you get with Lori. Passion, Enthusiasm and Energy are what she’s about.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.