Stop ForeClosure

Our government "estimates" by the end of 2010, over 60% of Americans who have a mortgage on their home will owe more than the value of their property. If you have a financial situation like much of the country, a short sale may be the only alternative to a "foreclosure". There is a saying we use in the business, "a short sale is only for those that Need to sell, not for those that Wish to sell". In a short sale, your bank lender will require you to prove your financial hardship, and the short sale hardship letter is a crucial piece of required documentation.

Short Sale Hardship

"financial hardship"?

* Divorce

* Loss of employment or reduction in income

* Relocation or Job Transfer

* Increased bills or expenses

* Major repairs needed to your property, without enough resources to pay for them

* Death in family or major unexpected medical expenses

Unfortunately by the time a home owner is considering a short sale, most have already done a loan modification, either a repayment or forbearance plan, which is a "temporary" solution to a long term problem. If you have already tried a written hardship letter for a loan modification, you will need to write a new one that is more "specific" to a short sale.

Here are some common things a short sale hardship letter may contain:

5. Make a "strong" case and relay the desperation of your case

1. The hardship letter should be signed and dated by the deed holder

2. Reference the property address and loan number

3. Try to keep it to around, 6-9 sentences this will be enough

4. State your hardship, and the circumstances that led you to where you are no longer able to afford the property

7. Make it breif and to the point

9. Please, don't forget to sign and date your documents!

While you may be stressed due to the financial situation in your life, understand that this is only temporary .
While the short sale process is anything but "short", you can recover your credit and be ready to purchase a new home in as little as 18 months.

In a "short" sale, it is most important to have an experienced agent to guide you through the short sale process. ALL traditional closing costs are paid for by your lender in a "short" sale, including your real estate brokerage fees.