A hardship letter is one of the most
important items in a short sale. This is your opportunity to explain why
your lender should approve your short sale and let you walk away from the debt.
In clear terms, you need to layout
exactly why you can no longer afford to keep the property.
Under no circumstance should you say
any of the following.
* “I don’t want the house anymore.”
* “It doesn’t make sense to keep the
house because it isn’t worth what I owe on the mortgage.”
* “I can afford the house, but I
think paying the mortgage is a bad investment.”
Absolutely do not say anything like
that. Instead, say the following.
* “Our income went down and we can
no longer afford the house.” “I lost my job and we are running out of money
fast.”
* “I would love to keep the house,
but in our financial state forbids that.”
Your hardship letter is your best
shot at selling the short sale negotiator on approving the short sale and
releasing you from the debt. What
you say matters.
Here is a sample layout for a
hardship letter.
Your name and the address of the
property.
Your mortgage company info and your
loan number.
State that you are having problems
and would like to sell your property as a short sale.
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