Do you know about - Hardship Letter Sample - underlying Strategies For Short Sale Success
Todays Mortgage Interest Rates! Again, for I know. Ready to share new things that are useful. You and your friends.Today I'd like to share a hardship letter sample with you. However, before revealing the format it is foremost to understand that in order to fetch short sale approval you must first experience your mortgage lender. Banks do not automatically extend short sales to every borrower. Only those who have extenuating circumstances or the inability to cure mortgage prearranges can apply.
This narrative focuses on a short sale hardship letter. There are several types of hardship letters together with foreclosure and creditor letters. All hardship letters allow borrowers to elaborate the circumstances which caused them to fall behind in their payments. However, the short sale letter is used to convince lenders to allow the borrower to pay less than they owe on their mortgage note.
When composing the short sale hardship letter realize a real person will read it. Banks employ loss mitigators to work with borrowers who are delinquent on their mortgage loan. It is not uncommon for loss mitigators to retell hundreds of hardship letters each week. Therefore, the hardship letter should be succinct while providing adequate details. Events should be outlined in chronological order, along with an explanation of actions taken to overcome financial challenges.
The following hardship letter sample provides an idea of what to say. Obviously, this facts needs to be changed agreeing to your situation.
Bill and Jane Smith
123 Your Street
City, State and Zip
Bob Jones
Usa Lender
123 everywhere Avenue
City, State and Zip
Today's Date
Re: Short Sale Hardship Letter for Your Loan Number
Dear Mr. Jones,
This letter serves as a ask to fetch short sale approval for asset settled at 123 Your Street, Happytown, Florida. We appreciate the occasion to elaborate the events which have caused us to become delinquent on our mortgage loan. Although we have eliminated all unnecessary expenses, we still do not have adequate funds to become current on our loan.
The infer we have fallen behind with our house payments stems from the fact that six months ago my wife and I both lost our jobs. We were both employed at Xyz Corporation for more than ten years. In May, our employer announced they were conclusion the doors and in case,granted us with two weeks of severance pay.
Although we are receiving unemployment benefits, this whole barely covers our monthly expenses exclusive of our mortgage payment. We are highly implicated because we are falling added behind and do not know how we can pay what is owed. Although we want to pay our outstanding debt to you, we plainly do not know how to accomplish this. For this infer we are seeking your assistance in obtaining short sale approval.
Engaging in a short sale would allow us to sell the home for close to the whole owed. Currently, we have a buyer who is concerned in our property. Please suggest what procedures are required to begin a short sale. We would like to orchestrate the sale of our home quickly and appreciate your prompt response.
Respectfully yours,
Print name of Borrower(s)
Signature of Borrower(s)
Loan #
Address
Phone
email address (if applicable)
The hardship letter and supporting documents should be sent via certified mail with a return receipt request. This ensures you will have proof the letter was sent. The return receipt will be signed by person at the bank and the signature card returned to you for your records.
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