To write a short sale hardship letter, use simple words, give an explanation of the hardships causing inability to pay and show why making payments in the future may become too difficult. The short sale hardship letter is mainly aimed at convincing the lender to agree to a short sale, notes the Myers Team.Continue Reading
A lender often reviews the hardship letter carefully before making a decision. This is why all the information that goes into the letter should be well thought out, states Teresa Ryan of Ryan Hill Realty. Use the following steps to craft a good hardship letter:
Take some time to research how a good hardship letter should be written. Browse online resources or talk to individuals who have had success in appealing for a short sale. Note the formatting used in each sample letter and follow it closely to create a personalized short sale hardship letter.
Begin the letter by explaining the circumstances that have caused a hardship. Avoid blaming the economy or other parties when writing the letter.
Give specific reasons as to why making payments in the future may present quite a challenge. Loss of a job, accidents, divorce and death of a principal payment partner are a few specific examples to include.
Go through the letter and make sure there are no errors in it before sending it to the lender. Remember to use plain words and strive to show points that prove that a short sale is the best option.