“Save Your North Shore Home With The Right Real Estate Hardship Letter”
Dear North Shore Home Owner,
You may be why exactly the bank wants to have a letter from you. After all, don’t the finances speak for themselves? Shouldn’t it be obvious that you have tried everything possible to save your home, make your payments, and do the right thing?
Sadly there are many times that homeowners have misled the banks and that has made it more difficult for a hardworking individual, like you to get approved for a short sale. In order to provide clarity to your finances the hardship letter is required so the bank (remember banks have people at them making decisions, not just computers) can make a decision on how to approve you for a short sale.
Most of all you should tell the bank in your own words how and why you fell behind in your mortgage
Real estate hardship letters are part of the process necessary to get a bank to work with a borrower when certain situations arise.
A real estate hardship letter is usually required when a seller is working with a bank for the following reasons:
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Negotiation of a Died in Lieu
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Negotiation of a Loan Modification
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Negotiation of a Short Sale
What should go into a real estate hardship letter?
Most of all you should tell the bank in your own words how and why you fell behind in your mortgage. You also want to tell the bank why you feel you cannot make up the payments and feel that the offer you are asking for is the only way that you feel can solve the situation. It is always important to be as truthful as possible in your real estate hardship letter and to accurately explain what happened.
Some reasons that are good to mention in your hardship letter if they have happened to you are as follows:
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You have an adjustable rate mortgage that cannot be refinanced and you can no longer afford the payment.
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You or the co-borrower has lost a job or overtime
- You have exhausted your financial resources in order to pay for your mortgage and have nothing left to assist with the mortgage payment
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An extreme event drained your resources such as natural disaster or family needs
Make Sure The Letter Is Truthful And Accurately Explains Your Situation.
After helping families write over 300 of these letters we have discovered what works and what doesn’t. In addition to our 5 best tips to avoid foreclosure, when you take just 30 seconds to fill out the form below we will also send you a sample real estate hardship letter. We understand that the banks may be asking for this letter right now, please call us today at (847) 869-2568 if you would like us to get the letter to you immediately (we can even fax it if you need it).