The Hardship Letter is one of the most important parts in the short sale package. This is written by the seller. This is highly important as it explains to the lender(s) the reasons for your NEED for a short sale. All that is generally needed is a one page letter with all your pertinent information.
Items that could be mentioned in such a letter could include:
Unemployment
Reduced Income
Divorce
Separation
Medical Bills
Debt
Death Payment Increase
Business Failure
Job Relocation
Illness
Military Service
Please note that market shift is not included in this list. Bad investments in themselves do not count. If you have the ability to pay your mortgage, it is your obligation. Buyer remorse is not a legitimate excuse. However, due to the current economic condition, most people facing foreclosure generally are facing at least one, if not multiple items from the above list.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment