What goes in the Hardship Letter?

[Bryant Tutas]

This outline will help your Seller prepare their hardship letter. The sample answers are to assist NOT to just be copied. The hardship letter should only contain facts. Just be honest. The goal is to explain to the Lender why the Seller can no longer make the payments for their property. This letter should be handwritten by the Seller and legible.

TO: Countrywide Mortgage

FR: Paul and Suzie Helpus

RE: 1234 Lost Value Ave. Poinciana FL 34759

LN#: 34578903


First Paragraph-Explain what you want

We are requesting that you approve us for a short sale of our loan with your Company.
We are no longer able to make the payments and have been trying hard to sell the property.
We love our home but due to circumstances beyond our control we are no longer able to pay for it.


Secondly, describe your hardship

What led to your current financial problems and caused you to miss mortgage payments?
What caused your hardship?
Did you lose your job?
Did your current job require a transfer?
Illness?
Death?

Be very specific. Remember you are trying to get your Lender to accept a loss. Be honest and be thorough.

Then describe what you have tried to do to overcome your hardship.

Have you been to counseling?
Have you been job hunting?
Are you cutting back on your expenses?
Have you been making mortgage payments on your credit cards?

Briefly outline your current situation.

You have a new job but are making less money.
You had to move due to divorce, job, children etc....
Provide your contact information.

Let them know they are free to contact you if they have any questions BUT reiterate that they should contact your Broker.

Finally, sign and date the letter.

All Borrowers must sign.

OK, that's it for this time. Next time we'll discuss.....I'm not sure yet :)


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