( 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.