5 Rules To Writing A Successful Hardship Letter
Dear North Shore Homeowner,
Since most of us haven’t had to write papers or letters since school it may be challenging to think of what to say in your hardship letter. After helping 100’s of families and individuals with their hardship letters in just the past few years I have come up with the following 5 rules that every letter should have when you want to get your home approved.
I invite you to consider the following:
-
Tell the truth – the lender will find out the facts so it is important to make sure to outline what happened.
-
Paint a bleak picture – make sure it is clear in the letter that there is no way that you will be able to become current or you would have.
-
Clearly state financial condition – there are some very serious reasons why people aren’t able to make their payments. Some of the reasons that are more valid than others are as follows and should be used:
-
Job Loss – state if you or your partner who was originally on the loan has lost their job and been unable to find replacement work.
-
Health Reasons – State if there have been medical bills or other debt that has forced you to stop making payments.
-
Any large event – if there was some sort of disaster or other major life event state that so that the lender can take that into consideration.
-
-
Show the human side – make sure that you state in your letter how you never wanted to be in this situation and wish that things could change and that this is not what you had ever wanted to do.
- Be Prompt – make sure to submit the hardship letter with all of your documentation in the very first fax that you send to the lender.
Following these rules will give you the best opportunity to get your home approved for a short sale. Also, to give you that extra shortcut, below you will find a sample hardship letter that you can modify for your situation.
Sample Hardship Letter
