A tool uncommon for most homeowners to use that can stop foreclosure is the short sale hardship letter. This letter can be your golden ticket to get out of foreclosure for good. While thousands of homeowners use this option each year, few end up being successful because of errors. It might sound simple to write a letter and beg for homeowner mercy but it is not. Banks and lenders only approve a letter of hardship for a short sale after very careful review. If you are considering writing a letter, it is essential that you understand more than the basics before you attempt to entice your mortgage lender or bank with a letter of hardship.
Short Sale Hardship Letter
You might not know it but your words are important. Everything that you say or do is scrutinized heavily when you are going into foreclosure. Waiting too long will stop valuable communication. Being too persistent can wind up killing your momentum. You can write a hardship letter and you can do it yourself. What you must know is that if you plan to put pen to paper you must do it correctly. In general your short sale hardship letter will be reviewed based on these factors:
1. What Circumstances Lead You Into Foreclosure
2. What You are Doing to Recover Financially
3. How Behind Your Payments Have Become
4. What Offers You Have or Have Not Responded to in Writing
5. The Current Value of Your Mortgage and Credit History
There are many other factors that could influence an assessor’s decision when evaluating your hardship letter. Banks and mortgage lending institutions payout a lot of money to consultants that handle short sale letter approvals. You have to first convince an appointed loss assessor before a panel of financial experts will review the recommendation and grant a short sale approval. Don’t think that your lender does not keep track of your current and past credit. If you have a history of defaults and credit debts, it is unlikely that you will be approved with a letter for short sale hardship. The debt that is forgiven in a short sale is very large and banks must be convinced that you are worthy of erasing your mortgage debt.
“Short Sale Hardship Letter”
Avoid Foreclosure experts deal with hardship letters each day. We consult with homeowners and listen to stories that are upsetting but painfully true. Our staff is trained and we already know the approval rating for a hardship letter is very low. What we do is listen to your personal needs and evaluate the methods you have already tried to stop foreclosure. We compassionately search for all available options that we can help you with to stop foreclosure today and not tomorrow. We work fast and our helpful phone conversations do not cost you a dime. Call us at 1-800-589-4106 and let us professionally help you. We don’t turn our back on you when you are down and out. We get you out of foreclosure. You won’t have to spend time waiting on approval for a short sale hardship letter.