Louisiana Sample Letter for Short Sale Request to Lender
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How to fill out Sample Letter For Short Sale Request To Lender?
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FAQ
If you're planning to buy a short sale, you should talk to the listing agent. At the very least, before writing an offer, ask your agent to speak to the listing agent. You'll find different skill sets and education levels among real estate agents.
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.
ByStep Guide to the Real Estate Short Sale ProcessGet a Property Valuation Analysis.Get a Hardship Letter.Contact the Lender for a Short Sale Application.Prepare the Sales Contract.Assemble the Short Sale Package Together.The Loss Mitigator Reviews Your Short Sale Package.More items...?
Yet short sales can be difficult transactions; the lender must accept less than the total mortgage amount due. Not all lenders will even negotiate a short sale, so it's important that the buyer / seller have a good real estate agent or attorney to sell the idea to the lender's loss mitigation department.
Typically, the bank or lender agrees to a short sale in order to recoup a portion of the mortgage loan owed to them. Short sales are becoming increasingly rare as the economy improves.
It costs more to the lender to go through the foreclosure process. During a short sale, the lender shares the cost with the homeowner to quickly sell the home. From a financial standpoint, many lenders prefer a short sale if the home is not expected to sell for more than the balance due at the foreclosure auction.
Typically, the bank or lender agrees to a short sale in order to recoup a portion of the mortgage loan owed to them. Short sales are becoming increasingly rare as the economy improves.
You'll need to include a letter that notifies the bank of who your agent is and authorizes them to make decisions on your behalf. Your package should also document your financial reasons for seeking a short sale.
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.
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.