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Examples Of Short Sale Financial Hardship Letters

Yes, we can help! Short sales are increasingly common as new government acts have passed to find alternatives to foreclosures.  You are not alone.  The economy is tough in Boulder Colorado and elsewhere;  people are losing jobs and it’s been a difficult time in real estate as property values have dropped below mortgages owed on homes.  This makes it difficult to refinance and when it’s hard to pay on that mortgage, you find yourself in a dire situation.  Often times if you qualify, a short sale is a better solution that foreclosing.  It’s not as hurtful to your credit and the bank is willing to accept a payment lower that the borrowed amount in order to avoid foreclosure costs.  The Troia Team has written many blogs on the topic so if you feel you are a candidate for a short sale, let us know.  We can help.   Because we have covered the positives to a short sale and explained the process in detail, I wanted to use this blog to provide examples of short sale hardship letters.  These are necessary to submit to a lender when simultaneously submitting the other necessary documents that go along with a short sale request to the bank.  Click here for hardship letter examples.

EXAMPLE ONE:

To Whom It May Concern:

This letter is a explanation of our financial hardship for short sale documentation.

At the time I bought a home, my wife and I were full time employees of long standing companies.  Upon the harsh economic times, lay offs were inevitable and my wife and I both found ourselves laid off.  Not to mention, a baby on the way.  We were unprepared for this unknown fate and as a result, have not been able to make our mortgage payments.

The current market conditions resulted in an under appraised home.  We have both been laid off for almost a year, thus depleting our savings.  Although our efforts to find new jobs has been a full time job in itself, no jobs have become available in this area.  I finally received a  job offer in another state, but the pay is much less and my wife is staying home with our new baby.

I feel certain that a short sale is the best option for us to get out of this situation and hopefully move forward with our lives.

Thank you in advance for allowing us this opportunity to short sale on our home.

Please do not hesitate to contact me and our Realtor who is assisting us in this entire transaction.

Sincerely,

EXAMPLE TWO:

We are writing this letter regarding our property at 123 Martin Road.  Even with the willingness from Bank of America to work with us, we have found ourselves unable to make any more mortgage payments and are behind two months already.  We were a two income family until my husband suffered many medical conditions due to the laborous conditions of his job.  His back ailments have left him unable to work and I can not make enough to support the monthly mortgage payments along with the new medical bills we’ve encountered.  Not to mention our other bills are behind and our bank accounts depleted.

Please accept this short sale offer on account that we are experiencing financial hardship and medical issues.  We would like to downsize to a smaller home near family and rent until our conditions approve.

We have tried every possible avenue to cure our struggles and afford our home, but we are not able to maintain payments at this time.  Please help us avoid foreclosure and accept the attached offer presented by our Realtor.

Regards,

…..Yes, this is a hard action to take and often a short sale is a last resort before foreclosure. The Troia Team of Boulder Colorado is an experienced real estate team and we care about your outcome.  Let us assist you with what we do best.  Contact me for further information.

Tags: Tags: Bank of America, boulder colorado, foreclosure, hardship letter, job loss, lender, market trends, mortgage, property values, real estate, realtor, short sale, The Troia Team

This entry was posted on Thursday, March 25th, 2010 at 9:56 pm and is filed under Buyer's Corner, Market Conditions, REO and HUD Talk, Selling Thoughts, Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Examples Of Short Sale Financial Hardship Letters » Blog the Rockies | Real Estate Investing said at March 26th, 2010 at 1:43 am

   [...] Read this article: Examples Of Short Sale Financial Hardship Letters » Blog the Rockies [...]

2. Mrs. Tott said at May 19th, 2010 at 5:41 pm

   What happens if we make good money but we are upside down in our house and want to move and my husbands job ends in 3 months?
   How could I write a letter with this information?

3. RW said at April 12th, 2011 at 12:30 am

   What happens if we made good money but we are upside down in our house, want to move (due to poor educational system), my husbands job ends in 8 months and I am on disability/leave of absence for 12 months tending to a newborn and 4 yr old twins?

   How could I write a letter with this information?

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