Chula Vista CA - A Short Sale hardship letter is one of the most important items in the short sale process. This is your opportunity to explain why your lender should approve your short sale and let you walk away from the debt. In clear terms, you need to layout exactly why you can no longer afford to keep the property.
Under no circumstance should you say any of the following. "I don't want the house anymore." "It doesn't make sense to keep the house because it isn't worth what I owe on the mortgage." Or, "I can afford the house, but I think paying the mortgage is a bad investment." Absolutely do not say anything like that. Instead, say the following.
"Our income went down and we can no longer afford the house." "I lost my job and we are running out of money fast." Or, "I would love to keep the house, but in our financial state forbids that." Your hardship letter is your best shot at selling the short sale negotiator on approving the short sale and releasing you from the debt. What you say matters.
Here is a sample layout for a hardship letter.
Your name and the address of the property.
Your mortgage company info and your loan number.
State that you are having problems and would like to sell your property as a short sale.
State the reasons you are having financial problems.
Explain your situation in a little more detail.
Finalize the request.
Put your name down.
Sign and date above your name.
Here are some of the acceptable hardships you can put in your hardship letter.
Loss of job.
Loss of income.
Business Failure.
Unexpected medical bills.
Military Duty.
Death in the family.
Imprisonment.
Illness of breadwinner.
Forced relocation for work.
Please keep in mind that a real person will read your hardship letter on the other end. That person is probably super busy. It is helpful to bold certain items and keep the letter under 2 pages long.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at mikekwcv@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (619) 743-8884.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chula Vista Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Mike Watson.
Mike is a Real Estate Agent at Keller Williams.
Phone: (619) 743-8884. mikekwcv@gmail.com.
View My homes for sale at www.sellingchulavistahomes.com.
Mike Watson has lived and worked in Chula Vista California since 1999.
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