If you have been unable to continue paying your mortgage, then you should exactly know how it feels when you are facing foreclosure. In this economy, people are considered lucky only because they have a fixed job which they can rely on to bring a steady income. These days, you’ll be blessed if you are able to afford your mortgage payments. However, in most cases, this luxury isn’t available to everyone. More people are losing their jobs and experiencing a choking financial hardship than ever. After a while, many of these people find themselves paying the lender more than what the house is really worth. In this case, the best option that will make them avoid foreclosure without ruining their credit rating, is considering a short sale.
In order for you to get your lender accept the short sale, you need to be very convincing. Because foreclosure will benefit none of you, the lender will look seriously at your request. If they find that you are truly not able to afford any further payments, then they have no reason for denying your short sale. While you need to take care of every other thing in your application, the hardship letter must be well written if you want your application to be approved. Here are three tips to write an effective hardship letter:
1- You are not dealing with a 12-year-old kid:
I’ve seen many people why go extremely stupid because they want their short sale to be accepted so badly. I know that the situation may cause a lot of stress, but if you want things to work out, you need to take your lender seriously. Stating nothing but facts that are supported by documents is your only chance at getting your short sale approved. If you try to play games, you are going to be declined, and you might never have another chance to recover. It’s true that your letter is going to be read by a human being, but you don’t want to over dramatize things. You need to state the cause of your hardship, whether it’s job loss, additional income loss, divorce or death. If they find that you’re honest about your hardship, then they will never get you into foreclosure.
2- Be descriptive:
While your letter should not be more than one page, you need to be very descriptive about your financial hardship and why you are not able to afford any further payments. Try to state dates, places and accurate facts in your letter. You also should guide your bank through the process of how are you going to make the short sale.
3- It’s not a temporary hardship:
No matter what happens, you should not let the loss mitigation agent detect that it’s just a temporary hardship, and that you’ll recover after several months. If the agent senses that, they immediately offer you alternative options which you might not be OK with. You need to state that you’ll not get any better in the next months or even years.
Mark is a real estate agent who helps people avoid foreclosure by getting their short sales approved. If you want to learn exactly how to write hardship letters, check out: hardship letter for short sale [http://ssagents.com/5-steps-to-write-a-hardship-letter-for-short-sale/]. For a more in-depth definition, check out: Define short sale [http://ssagents.com/define-short-sale/].