Hardship Submission To Your Lender - What You Need To Know Foreclosure?

By
Real Estate Technology with www.DigitalCurrencyGuy.com

( Post Courtesy of Arizona Short Sale Office, LLC Phoenix Foreclosure Company. )

Hardship Letter Submission

The reality is lender's really don't care what the person's situation is, they simply want their money. The best option, regardless, is to have the Arizona Short Sale Office contact the lender by phone and explain the situation so as to learn what the lender's policy is in such matters. A letter will likely get a response of "call this number" or something similar if indeed there is a response at all.

If the party chooses to make the initial contact by mail the best option is to keep it brief and to the point. Explain why it is not possible to comply with the original terms of the agreement, and request modification of the obligatory terms until one's financial situation improves.

Arizona Short Sale Office MAKES the hardship letter process easy, the hardship letter only works with collection agencies in the event of accepting a small partial payment arrangement or to get a lower settlement percentage that the original creditor allows your letter to be sent to the collection agency and convince the original creditor to cut you some slack. The basics of the letter is anything out of the ordinary that would be causing you financial distress.

Good examples: you lost your employment and you are in danger of losing your home, any medical complications that would prevent you from maintaining employment ,drastic decrease in salary, fixed income ,and single parent w/out child support. If you are a disaster victim the original creditor will already try to cut you a deal and you will be notified.

 Bad examples: you are a student, you are overextended ,divorce, legal issues, and threatening to file bankruptcy. Remember that hardship letters do not resolve your debts.

  Basic Hardship Letter Breakdown

            1. your hardship.

            2. your offer to resolve your debt.

            3. thanking them for their time.

            4. your current contact information.

You must always remember to send your Hardship Letter to the lender in the most effective ways. Your letter will be sent by either fax or mail preferably by certified to individuals within the bank.

 

Posted by

Jamar James

Keystone Realty Group

949-203-3907 Office

714-385-7443- Cell

jamarjames@gmail.com

www.JamarJames.com

License No# 01945182

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
foreclosure help
behind
hardship examples
good examples hardship letter
bad foreclosure examples
foreclosure assistance company phoenix

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
32,495
Summit Realty Group
Summit Realty Group- The Future of Real Estate Today! - Highlands Ranch, CO

 

You are so right, and the banks only care about thier dollars.

Mar 29, 2008 08:21 AM #1
Rainer
62,016
Denise Shockey
RE/MAX Aerospace Realty - Cocoa Beach, FL
Cocoa Beach, Brevard County Florida Real Estate

The people losing their homes and what they and their families are going through is hardship.  Good post.

Mar 29, 2008 08:40 AM #2
Rainer
15,231
Cree Quaker
The Machree Group, LLC - Woodstock, NY
Ulster County Real Estate
They do care about their dollars, but so do we when it's commission time.  If the current owners were put into a crappy mortgage, the bank deserves what they get, but if not...owners need to step up and live below their means.
Mar 29, 2008 08:50 AM #3
Rainer
160,526
Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate
Very good information about being in this difficult situation. I will pass this along to anyone I find in this situation.
Mar 29, 2008 09:01 AM #4
Post a Comment
Spam prevention
Show All Comments

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

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

Rainer
19,718

Jamar James

Close More Deals With Crypto Currency Block Chain
Let Me Help You!
*
*
*
*
Spam prevention

Additional Information