Short Sale Elk Grove-Hardship Letter
When selling your Elk Grove home as a short sale, your lender will ask you to write a hardship letter explaining why you can no longer afford to pay the mortgage on your home. The hardship letter is an important part of the short sale process.
Learn how to write the best possible hardship letter for your Elk Grove short sale:
Make your hardship letter clear, consise, and no longer than one page.
1. Brainstorm about all the financial reasons why you can no longer afford your Elk Grove home. This includes job loss, reduction of hours, pay reduction, school tuition expense, medical expenses, increased property taxes, credit card debt, etc.
2. Paragraph One: State a change. In this paragraph mention what change has taken place to no longer afford your mortgage. Keep it brief and use the best reasons from your brainstorming.
3. Paragraph Two: State the negatives about your area. Your Elk Grove short sale expert can help you with this. Tell the lender about current market conditions in Elk Grove and your neighborhood. Example: “There are 24 homes listed for sale in my neighborhood. Five are listed as REOs and 15 are short sales.” Or, “The HOA has added a special assessment totaling $2500 over the next two years.” This explains to the lender about the current real estate market.
4. Paragraph Three: List any wrong doing by a mortgage loan broker or any bad adjustable loans. Also list the rest of your hardships.
5. Final Paragraph: Clearly state that you can no longer afford your mortgage and you have no other option than to short sale your Elk Grove home or foreclose. Include your contact information and also the information of your Elk Grove short sale agent.
Your Elk Grove real estate agent will include your hardship letter with the rest of your short sale package. Your hardship letter shouldn’t take longer than an hour or two but it should be thoughtful and genuine because it is an important part of your Elk Grove short sale getting approved.
See if you qualify for an Elk Grove short sale.
Short Sale Elk Grove-Hardship Letter
Posted by Allan Sanchez Elk Grove Short Sale Agent www.AllansHomes.com
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