How to write a short sale hardship letter

Bountiful UTAH - United States Government officials estimates by the end of 2011, over 50% of Americans who have a mortgage on their home will be underwater (they will owe more than the value of their property.) If you are in a difficult financial situation, like much of the country, a short sale may be the best alternative to a foreclosure. 


Some people in the real estate business say that, "a short sale is only for those that HAVE to sell, not for those that WANT to sell." But that is not always true.  In tough financial times even a negative equity position can cause undue stress, and thus be a hardship.  In a short sale, your lender will require you to prove or state your financial hardship, and the short sale hardship letter is an absolutely critical piece of required documentation package you must submit to your lender.


What constitutes a "financial hardship"?

• Loss of employment or even a reduction in income
• Death in family or major unexpected medical expenses
• Relocation or Job Transfer
• Increased bills or expenses
• Negative Equity Position
• Major repairs needed to property, without resources to pay for them
• Divorce
• Bankruptcy

By the time a home owner is considering a short sale, most have already done, tried or attempted to qualify for a loan modification.  Some may come in the form of a forbearance, repayment plan (which are both temporary solutions to a long term problem), or in the form of a re-worked loan package.  


If you have already written a hardship letter for your loan modification, you have to write a brand new one that is more specific to a short sale.


Here are some common things that a short sale hardship letter should and should not contain:

1. The hardship letter must be signed and dated
2. Reference the property address and loan number in the header
3. It should be short and to the point, 5-10 sentences in enough, less than 1 page total
4. State your hardship, and the circumstances that led you no longer being able to afford the property
5. Make a strong case and relay the desperation of your case
6. Do not blame your lender for your circumstances
7. Do not write to much, they don't have the time to read it
8. End the letter with something like "a short sale seems to be our only solution to avoid foreclosure" or "please consider a short sale on our property, we can find no other answer to our circumstances"
9. Again, don't forget to sign and date it

Email me, and I can give you some actual examples of a quality short sale hardship letter.

Thinking about a short sale? I can help you short sale your property and never pay the bank another dime. Send me an e-mail at utahhomesaver@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 Dave at 801-651-0707.

Thinking about a loan modification? Our Utah Home Saver Loan Modification Kit has the instructions you will need to get a loan modification approved with your bank.  This is a FREE for you, all you have to do is call or  email us today.

Thank you for taking a few minutes of your busy day to read this, Dave Forsberg.

Dave is a Realtor with Prudential Utah Real Estate - Bountiful.

Phone: 801.651.0707   Email: utahhomesaver@gmail.com

Dave Forsberg and The Utah Home Saver Team specialize in helping Davis County, Utah Homeowners short sale and never pay the bank another dime. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor. Bountiful Realtors. Bountiful Realty. Bountiful Realtor. North Salt Lake Short Sales. Woods Cross Short Sale Realtor. Centerville Short Sales. Farmington Short Sale Realtor. Fruit Heights Short Sales. Kaysville Short Sales Realtor. Layton Short Sales. Layton Short Sales Realtors. Syracuse Short Sales. Clearfield Short Sales Realtor. Davis County Utah Realtor. Stop Foreclosure. Stop Utah Foreclosure. Avoid Foreclosure. Avoid Utah Foreclosure. Foreclosure Alternatives. Utah Foreclosure Alternatives. Bountiful Homes for Sale. Bountiful Houses for Sale.utahhomesaver@gmail.com