One of the vital pieces the banks are looking for in a short sale is the financial hardship. You will be asked to submit a hardship letter. I have a format that I use for all of my short sale sellers.
Remember to keep in simple!! The short sale hardship letter should be neatly handwritten and reduced to less than one page. Bear in mind the short sale negotiator is working on hundreds of files and don’t want to be reading page after page of why you can no longer make your mortgage payment. Stick to the the financial/ hardship facts. Do not add opinion or make it long and drawn out. The negotiator is just looking for a reason that you are late on your mortgage payment not your whole life story.
Following is a list of some acceptable short sale hardships:
- Loss of job
- Loss of income- maybe you took a job that pays less than your original job
- Disability to prevent a seller from working
- Expanding family
- Relocation for work
- Illness
- Divorce
- Incarceration
- Failed business
- Increased Mortgage payment due to ARM adjustment, balloon payment etc…..
These are some of the more common reasons for a hardship that the bank finds acceptable. [intlink id=”258″ type=”post”]Strategic short sales[/intlink] are now becoming more common place and do not have a financial hardship connected with it. Your short sale Realtor should be able to help you with making a concise, clear hardship letter.
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This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. If you are facing foreclosure, have missed mortgage payments or recieved your notice to cure you can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422. Call a short sale realtor that can help. Don’t wait.
Short Sale Services in northeast Massachusetts, around the Merrimack Valley. Short Sales in the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury and surounding areas
