Kentucky Sample Letter for Short Sale Request to Lender

State:
Multi-State
Control #:
US-FORECL-08
Format:
Word; 
Rich Text
Instant download

Description

This is a sample letter that may be sent to a lender to prevent foreclosure by requesting their agreement to a short sale. The letter may be customized to suit your needs.
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How to fill out Kentucky Sample Letter For Short Sale Request To Lender?

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FAQ

Depending on the state, a deficiency arising from a short sale is liable for collection by the lender. In some states you'll need a waiver in writing from your lender for any mortgage deficiency after a short sale to avoid debt collection.

A hardship letter explains to a lender the circumstances that have made you unable to keep up with your debt payments. It provides specific details such as the date the hardship began, the cause and how long you expect it to continue.

A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.

A short sale approval letter is a letter that a lender issues to the seller if a short sale offer is approved for less than the amount the borrower owes on a mortgage. It is sent by the lender at the end of a short sale to demand the "short" loan payoff in return for releasing the lien on the property.

A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.

A home goes into short sale when the homeowner realizes that they can no longer afford to keep up with their mortgage payments. Instead of waiting for the bank to foreclose on the home, the homeowner initiates the short sale process by submitting an application to the lender.

Dear Lender, I am writing to request financial hardship assistance with my (mortgage/credit card/student loan/auto loan/personal loan/etc.). This letter provides the details of my hardship, the type of assistance I am requesting and the documents that show my hardship.

Tips for Writing a Hardship LetterKeep it original.Be honest.Keep it concise.Don't cast blame or shirk responsibility.Don't use jargon or fancy words.Keep your objectives in mind.Provide the creditor an action plan.Talk to a Financial Couch.

Some common signs that you are headed for financial distress include:High balances (or balances beyond your credit limit) on credit cards.Using credit to pay for everyday expenses when you aren't able to pay off balances monthly.High debt to income ratio.Utilizing high-interest loans or cash advances to make ends meet.More items...?

In the body of the letter, state the hardship that led you to fall behind on your mortgage payments. Explain to the lender what happened and why it was beyond your control. Keep your explanation brief. The goal of the hardship letter is to explain to the lender the nature of your hardship.

More info

It is important to be aware of how much is owed on the property and whether the seller is in default on any mortgage liens, taxes, or association dues. Ask the ... By J Dreyer ? yield-spread premium from the lender when the loan closes.Fraud occurs in a short sale when a borrower purposely withholds mortgage payments, ...97 pagesMissing: Kentucky ? Must include: Kentucky by J Dreyer ? yield-spread premium from the lender when the loan closes.Fraud occurs in a short sale when a borrower purposely withholds mortgage payments, ...The Request for Mortgage Assistance (RMA) form along with other requiredthat the closing will occur within 45 days or more of lender short sale ...18 pages the Request for Mortgage Assistance (RMA) form along with other requiredthat the closing will occur within 45 days or more of lender short sale ... Charlottesville, VA - We negotiate the real estate short sale with yourThe following is a list of sample documents normally requested by the lender. When a lender approves a short sale, they're agreeing to sell the property for less than the outstanding mortgage balance against it. Lenders will generally ... Within three business days after a mortgage broker receives either an application or information sufficient to complete an application. The lender is ... If the lender agrees to proceed with the short sale process, you'll completeTo find a foreclosed property, ask the lender for a list of REO properties. Foreclosures do not normally take as long to complete as a short sale, because the lender wants to liquidate the asset quickly. Foreclosed homes may also be ... Example: Interest not received for the month of July should be requested Sept 1st.A clear and concise cover letter drawn from information in the lender ... Short sales permit the homeowner debt forgiveness on the remaining owing balance in the event of a hardship situation, as defined by the individual lender.

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Kentucky Sample Letter for Short Sale Request to Lender