By the end of 2012, it is estimated that almost 45% of homeowners will owe more on their mortgage than the value of their property. If you have found yourself in this position, and would like to avoid foreclosure, a short sale may be your best option. But, be wary, just wanting to get out of your home because you are in a negative equity position is not going to be enough to qualify you for a short sale. Negative equity means that you owe more on your property than it is worth.
How to Write a Letter of Hardship
One of the key components of being approved for a short sale is the drafting and submission of a short sale hardship letter.? Every situation is unique, that is why it is important in our area to contact our Burlington County short sale lawyer who is experienced with the process and will give you comprehensive representation.
You want to look at your present situation and think back on how it is different than at the time you took out the loan. Some examples of life-changing circumstances that may qualify as a hardship are: unemployment or reduced income, death, divorce, separation or marital difficulties, illness, incarceration, military service, and excessive debt. In your hardship letter you want to explain three things: 1) how you got into your present situation; 2) what you have done to try to get out of the situation; and 3) what makes this situation permanent.
Hardship Letter Mistakes
Writing a hardship letter will not be much fun. You should make a strong case and let them know how severe your situation is and that it is not going to get any better. The letter should be short and to the point but with enough details to explain the loss of income or negative cash flow. If the bank believes there is hope for you to become solvent in the future, if the bank senses that you may have the ability to pay the loan back at all, then they may be leery of approving the short sale without strings. This is why it is important, in our area, to contact one of our Moorestown short sale attorneys to get comprehensive legal representation for the best possible outcome.
See Our Related Blog Post:
New and Expanded HAFA Guidelines
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Source: http://www.nj-realestatelaw.net/attempting-a-short-sale-drafting-the-hardship-letter/
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