Ohio 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
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.
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...?
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.
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.
How to Write an Effective Hardship LetterPart 1: Explain what happened and why you are applying.Part 2: Specifically illustrate the time and severity of the hardship.Part 3: Back up the reasons traditional remedies won't work.Part 4: Detail why you are stable enough to succeed with a modification.More items...?
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.
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.
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.
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.
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.