| Those who apply for short sales normally are required | | | | that you started off with, and the price that you are |
| by their creditors to write a hardship letter that would | | | | willing to accept now. Make sure that the lenders |
| be used to explain why the homeowner has failed to | | | | understand that you are not running away from |
| service their mortgage payments properly. If written | | | | financial obligations, and that your financial situations is |
| properly, a hardship letter could be an extremely useful | | | | in reality precarious |
| tool to help homeowners work on short sales easily, | | | | 4) Make sure that you letter is logic, and make sure |
| and present a stronger case to their creditors, | | | | that you attach all relevant information and documents |
| especially to stop home foreclosure. Getting approval | | | | with the letter when you send it to your creditor. Also |
| for your short sale is not easy, but with a well-drafted | | | | check on the accuracy of the information provided, as |
| hardship letter, you could do it without much hassle. Let | | | | you do not want to be careless when you draft a |
| us now look at seven important tips that would make | | | | hardship letter |
| your hardship letter persuasive and favorable for you: | | | | 5) Make is clear to the bank that you want to avoid |
| 1) Make sure that you write the hardship letter yourself, | | | | bankruptcy at all costs, and that is the reason that is |
| not only would the letter be more believable, it would | | | | driving the short sale. Lenders would be less likely to |
| also make a more convincing case when you | | | | entertain your letter if they realize that you are |
| negotiate with your lenders. There is an option to hire a | | | | preparing to file for Chapter 7. |
| consultant to write the letter for you, but this could add | | | | 6) Propose to the bank what you expect from them, |
| unwanted expenditure, making it even more difficult for | | | | and let them know how much the short sale would |
| you | | | | help you (as well as the bank). Also do not forget to |
| 2) Explain clearly why you have been unable to | | | | put a clause that releases you from all future debts in |
| service your mortgage payments. Reasons such as | | | | regards to your home once the deal is clinched, this |
| job termination, illness, death in family and job relocation | | | | would safeguard you from future problems. |
| would come in handy when you draft your letter. Don't | | | | 7) Last but not least, do not blame the bank for your |
| forget to explain why it has become difficult financially | | | | financial complications, as this would only work against |
| for you as well | | | | you! |
| 3) Explain that you have tried to sell your home | | | | Follow the seven writing tips as mentioned above, and |
| personally, or with the help of a real estate agency | | | | stop foreclosure now successfully! |
| prior to this, but unsuccessfully. Also include the price | | | | |