Tips for Your Short Sale Hardship Letter
When I originally wrote How to Write a Hardship Letter, I did so as a link that I could use to send to my clients as well as creating a useful article for others contemplating a short sale. Whenever I find myself repeating a scenario, I figure it’s probably worth writing an article about. That way I no longer repeat it, and I can just send my clients a link to read.
A seller emailed that she laughed and laughed when she read my article. I was snuggling into bed with my husband, about to read an eBook on my iPad when I noticed the email, so I clicked to read my hardship letter piece. It is rather amusing, I suppose; I was focused. Especially the part about not getting waylaid and fooled into writing that things will get better. Not only will they most likely not improve for sellers who are severely upside down, but the bank doesn’t want to hear that they will improve. If the bank thinks a seller’s situation is temporary, the bank will not approve the short sale.
Another seller called to say she could afford to make her mortgage payments, and her lender, upon review of her financial statements, most likely would also agree that she could afford to make her mortgage payments. This seller apparently enjoys disposable income and makes a good living. She’s just tired of her home being upside down. That’s not enough of a reason to do a short sale through her particular lender.
There are a few lenders that will let a seller do a short sale without a hardship, but most of them want a documented hardship through a hardship letter. This doesn’t mean you make up crap, but there are ways to prove a hardship, which a seller might not be aware about. For example, if you’re retiring and moving away, that’s a hardship. On the other hand, paying for your daughter’s ballet classes and French lessons are not valid hardships.
If you want to know if you qualify for a short sale, call an experienced Sacramento short sale agent to discuss it. I always offer a free consultation to potential short sale clients. You can call Elizabeth Weintraub at 916 233 6759. But don’t call me to pick my brain and then hire another agent. That’s not cool.