Jacksonville Florida Short Sales FAQ: What's in a hardship letter?
First off, what exactly is a hardship letter?
When you put your Jacksonville Florida home up for sale, if the list price is less than you owe, and you don't have any money to pay the difference, then you are in a short sale scenario. The hardship letter is a letter that most, not all, lenders require that explains your reason(s) for requesting a short sale.
Your short sale hardship letter should be printed and include the following:
- Date (It can be at the top or bottom by your signature)
- Your name
- Property address
- Loan Number (very important)
The body of the letter only needs to be about a paragraph or two long. You don't need to write a novel here, but if it goes over 2 paragraphs, not to worry. Just remember, the bank's negotiators have 100s of files to go through, each with their own hardship letter. So if possible, make it short and sweet, to the point.
Drop the ego and anger. This is not when you want to unload all your frustrations. I know sometimes, you get ticked off by the lender. Maybe they are giving you the run around or they recently turned you down for a loan modification. You gotta forget that now and be as humble as possible. Whatever your hardship is, explain your situation here. Also explain, what you have tried to do to fix your situation.
I also recommend, you request that the lender, waive their right to a deficiency judgment, which is asking them not to come after you for the balance, when it's all said and done and your short sale is closed.
Last but not least, sign under your printed name.
Got questions? Are you in a short sale and/or pre-foreclosure situation with your Jacksonville Home? Call me at 904-910-3516 or send me an email at pam@pamgraham.com.
I am not an attorney or tax expert, you should seek legal or tax advice from an attorney and CPA.
Coming soon, more Jacksonville Florida Short Sales FAQ:
How long will a short sale take?
Will the bank come after me for the difference?
How will a short sale affect my credit?
I have no money, will I have to bring money to closing?
How will the closing costs get paid?
How long does it take for the bank to foreclose on my home?
What are the tax ramifications doing a short sale?
How does the bank determine how much they will accept?
Can a family member buy my home, then let me stay and rent it from them?
How do I hire the best real estate agent to get my short sale done?
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