The short sale process is challenging. There are many people who need help with rising interest rates and falling home values. However, in any time of need there are also people who try to take advantage of the situation. Banks want to help those who really need it, not those who unscrupulously took money from their assets.
As part of your lender hardship package, you will need to include a hardship letter. This letter is your opportunity to share your voice on what challenge is causing the need for a short sale. A good letter will help the bank see beyond the “numbers” and understand that there is a real person or family that needs help. Making a first impression is important, as you may not get a second glance. Consider the following items to include as part of your short sale letter.
- Opening Reason – Let the bank know in your first sentence why you are seeking help. It could be for medical reasons, termination or reduction in your salary. Give them a clear reason, not something like “I don’t want to pay.” When you can share with them your true challenges, they will want to keep reading.
- Ask for help – The reality is that the bank does not have to help. They might pursue foreclosure as an option (which is not in the best interest of the consumer or the bank). Ask for help by using “please” in your sentences. A small number of questions goes a long way while they review your file.
- direct phone number – Although your real estate professional may be handling all negotiations, consider including their direct phone number. Let them know you are not avoiding them; you want the help and are happy to talk to them.
- what you are including – Let them know what you are including with your package. Be open and tell them that they are receiving your bank statements, pay stubs, etc., which will show that you need help.
The right short sale letter to a lender will help you get approved quickly. A letter that does not show sufficient need can leave you waiting for months for an approval that may never come.
Discover a complete short sale marketing system that will give you a sample letter of difficulty to put it into action immediately.