The short sale process is a challenging one. There are many people who are in need of help with rising interest rates and falling home values. However, in any time of need there are also people who are trying to take advantage of the situation. Banks want to help out those who are in real need, not those who unscrupulously took money from their assets.
As part of your hardship packet to the lender you will need to include a hardship letter. This letter is your chance to share your voice on what the challenge is that is causing the need for a short sale. A good letter will help the bank see beyond the “numbers” and understand there is a real person or family in need of help. Making a first impression is important as you might not get a second look. Consider the following items to include as part of your short sale letter.
- Opening Reason – Let the bank know in your very first sentence why you are seeking help. It could be for medical reasons, layoff or reduction in your pay. Give them a clear reason, not something like “I don’t want to pay”. When you can share with them your real challenges they will want to continue to read on.
- Ask for Help – The reality is the bank doesn’t have to help. They could pursue foreclosure as an option (which isn’t the best for the consumer or the bank). Ask for help by using “please” in your sentences. A small amount of asking goes a long way as they are reviewing your file.
- Direct Phone Number – Although your real estate professional may be handling all of the negotiations consider including your direct phone. Let them know you aren’t avoiding them; you want the help and are happy to speak with them.
- What You Are Including – Let them know what you are including with your packet. Be open and tell them that they are getting your bank statements, pay stubs, etc that will show you need help.
The right short sale letter to a lender will help you get approved quickly. A letter that doesn’t demonstrate enough need can leave you waiting for months to get an approval that may never come.
Discover a complete short sale marketing system that will give you a sample hardship letter to put into action immediately.
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