Sample Of Hardship Letter For Short Sale

Many homeowners unfortunately find themselves in a unique situation of owning more on their home than what it is worth. In some cases, the homeowner can simply remain in the home until property values rise and the mortgage balance is reduced. However, in other situations, the homeowner must sell the property quickly for a loss, and this is often due to a financial hardship. In order to move forward with a short sale, the lender must agree to accept less than what is owed to them and to release the lien without payment in full. Typically, the homeowner will make a formal request to the lender in writing, and you may be looking for a sample of hardship letter for short sale that you may inspire you to draft a great letter of your own.

Where to Find Sample Hardship Letters
When you are looking for a sample of hardship letter for short sale, you do not need to look very far. There are numerous examples online that are readily accessible to you with a quick search. In addition, there are also writing instructions and tips that you can follow to more effectively draft a letter that will generate the desired response for you. It can be helpful to read through several samples before you get started writing your own letter.

Drafting Your Own Letter
When you are drafting your own letter, you can use sample of hardship letter for short sale to get an idea about the type of information that should be in it as well as the layout and length. The letter should have all relevant information, including the property address and loan number. It also should explain your financial hardship, such as the loss of a job, the death of a family member or other circumstances. In addition, it should clearly state that the situation is not expected to improve. If you indicate that your financial situation will improve, the lender may believe that you will soon be able to begin making regular mortgage payments again and will not be inclined to settle the debt.

A sample of hardship letter for short sale can provide you with the inspiration you need to get started drafting your own letter. Take time to read through your letter several times to ensure that it covers all of the bases and to verify that it clearly states that your financial situation will not be improving.

Nationstar Auction Short Sale Advice

Prospective homebuyers today should come equipped to their Nationstar auction with a few tips and tricks for easing the short sale buying process. This will not only help to decrease the potential debt taken on, but it will also streamline the process of buying a home so that they can begin moving forward with their investment. For those who have an upcoming short sale to negotiate, this advice will make sure they come out on top.

Understand the Types of Auctions
There are two main types of auctions that Nationstar initiates. The first type is called a validation auction, and this is used when a person has already placed an offer into Nationstar’s system. Although a bidder does not have to register with the system for an initial offer, it may be necessary to register should the need arise to counter offer against a new bid. The second type of Nationstar auction is an assisted short sale. This occurs when there is no current bid on a property and an auction is initiated. In this auction, the highest bidder wins; however, interested buyers should be aware that Nationstar retains the right to stop the process at any time.

Know How to Move Through the Process
Before a Nationstar auction is held, a lender must submit an initial form. Following this, you can expect the auction to occur within two weeks and interested buyers will have the opportunity to attend two open houses. Those who prefer to move through this process efficiently can do so by asking for the initial form and returning it within 24 hours with the seller’s signature. Working directly with an auction representative can also eliminate many of the time constraints involved in the short sale process.

Have a Full Understanding of When the Premium Applies
Those who are new to the short sale process can be confused by complicated language that can impact their finances. At a Nationstar auction, a 5% premium must be paid to auction.com if certain situations apply. Those who are new buyers and win or outbid an existing buyer during a validation auction will be affected by the premium. However, existing buyers who are never outbid during an auction do not have to pay the premium.

Although prospective home buyers should always go into the auction process with the understanding that it can get complicated, it can be easier with a little know-how. By taking time to understand the different types of auctions and premiums involved, a person can make their bid with confidence and secure the perfect property.

Short Sale Northern Virginia

You’d be surprised with the list of short sale northern Virginia has completed so far this year. If you’re interested in pursuing, you can get an amazing deal on the property of your dreams. And if you’re interested in selling it’s comforting to take a look at the successful short sales that’ve taken place lately. Check it out!

3853D TIBURON PL #77D

This two-bedroom, 1 1/2 bath, 1,100 square foot condo short sale northern Virginia sold for only $90,000. It’s was appraised at $105,550 so the new owners got a great deal! Amenities include an on-site swimming pool.

5363 COURTNEYS CORNER RD – SUMERDUCK, VA

This three-bedroom, 3 bath ranch style home with 1,508 square feet of living area and 1.87 acres sold for $90,000 and was worth $163,000. It featured:

  • Kitchen/dining room combo
  • Den with brick setting for a stove
  • New windows
  • New doors

11260 TORRIE WAY #B – BEALETON, VA

Lucky buyers got this short sale condo in northern Virginia with two-bedrooms, 2 baths and 936 square feet for only $90,000 when it was worth $113,400. Located on the 1st story in a quiet and peaceful neighborhood that is ideal for commuters, it features a large family room, kitchen with island bar, separate dining area, and a laundry room with washer and dryer.

631 WATERLOO RD #124 – WARRENTON, VA

This two-bedroom, 2 bath condo sold for $90,000 and is worth $90,700. Buyers will enjoy a traditional floor plan with outdoor entertainment space in a great location.

1404 MARY ST – WOODBRIDGE, VA

This split level offering 3 bedrooms and one bath sold for $90,000 and was appraised at $162,700. It has a basement with stairway access and a beautiful yard.

411 BIRCHSIDE CIRCLE – LOCUST GROVE, VA

Buyers for this short sale got a lovely four-bedroom, 3 bath home in a wooded setting, offering 1,442 square feet of living space. Amenities include being located on a cul-de-sac street for minimal traffic. It sold for $90,000 and is worth $163,400.

In addition, it has:

  • Basement
  • Big porch
  • Galley style kitchen
  • Gated community
  • 24 hour security

Residents have access to golf, boating, tennis, fishing, beaches, and a community clubhouse.

5911 EDSALL RD #1109 – ALEXANDRIA, VA

This condo perfect for commuting to DC sold for $90,000 and is worth $90,189. Condo fees include it all, lawn care, Master insurance, parking, pool, security, sewer, snow removal, tennis courts, trash, water, workout room and sauna.

102 ESSEX ST – STAFFORD, VA

This three level, 3 bedroom, 1 1/2 bath townhome with hardwood floors, ceramic tile, newer siding, windows, sliding glass door, and undated deck came furnished and sold for $90,000.

As you can see, there are great deals to be had if you are interested in a short sale property. Take a chance and see if you can find the home of your dreams, or flip the property and make some money!