Sample Letter for Short Sale Request to Lender
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Hardship Examples. There are a variety of situations that may qualify as a hardship. Keep 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.
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.
Get 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.
"Approved for short sale" means the bank has already determined that the homeowner qualifies for a short sale and has approved the request to sell the property at a reduced price. It is possible that an earlier buyer made an offer that was approved, but did not close the transaction.
A completed and signed IRS Form 4506, "Request for Copy of Tax Form. A completed and signed personal financial worksheet.
"Approved for short sale" means the bank has already determined that the homeowner qualifies for a short sale and has approved the request to sell the property at a reduced price. It is possible that an earlier buyer made an offer that was approved, but did not close the transaction.
An Executed Listing Agreement. Fully Executed Purchase Contract. Seller's Hardship Letter. Authorization Letter. Last Two Bank Statements. Tax Returns and Wage Documentation. A Closing Disclosure.
In the event that you find yourself considering a short sale on your home, your lender will ask you for something called a "short sale package." This package is basically a set of documents that you use to demonstrate your financial hardship. It's how you make your case to the bank for your short sale.
If the lender approves the offer, the short sale moves forward. If the lender does not accept the offer, the buyer may counteroffer or end the process.
