Maine Sample Letter for Short Sale Request to Lender

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

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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 Maine Sample Letter For Short Sale Request To Lender?

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FAQ

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...?

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.

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.

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.

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.

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.

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.

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.

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.

More info

Short Sale Counteroffer Addendum: SSCAa check, or fill out anything requesting your personal information withoutFor example, a seller may not be.81 pages Short Sale Counteroffer Addendum: SSCAa check, or fill out anything requesting your personal information withoutFor example, a seller may not be. 2. Hardship letter guide, and example. If you decide to proceed with a short sale, your lender will generally request a "hardship letter.13 pages 2. Hardship letter guide, and example. If you decide to proceed with a short sale, your lender will generally request a "hardship letter.3 days ago ? (4) Subject Line. The exact reason why this letter is being sent should be presented. For instance, the intent may be to lease or sell a ... Similar to a "short sale," but your lender agrees to take the deed to your home and cancel your debt. Do not ask for a deed-in-lieu if you have equity in the ... When applying for a short sale, your lender might ask you to write a hardship letter or fill out a hardship affidavit. 12-Feb-2018 ? the Maine courts experienced a high volume of foreclosure casessale.? To apply for most loan workout options, a lender requires the ... 12-Feb-2018 ? the Maine courts experienced a high volume of foreclosure casessale.? To apply for most loan workout options, a lender requires the ... The Request for Mortgage Assistance (RMA) form along with other requiredthat the closing will occur within 45 days or more of lender short sale ... The borrower may, for example, misrepresent income and asset information on a loan application or entice an appraiser to manipulate a property's appraised value ... 31-Oct-2017 ? in the making or servicing of residential mortgage loans to Maine consumers. ?Supervised lender? has the same meaning as set forth in 9-A ... The Federal Trade Commission has a sample letter you can use to get started.The way a short sale appears on your credit report depends ...

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Maine Sample Letter for Short Sale Request to Lender