As foreclosures in the U.S keep on being commonplace all through these tough economic periods, several homeowners who are getting overwhelmed by their mortgage payments are looking at pursuing a short sale as an alternative to foreclosure. A short sale must be approved by the mortgage lender, and not just
Category: Hardship Letter
Are you behind on your mortgage? If you do not think you’ll be able to get under the current terms of your mortgage, but you are willing and able to be make payments, you might want to consider applying for a loan modification from your lender. If so, you need
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
If you are facing a potential foreclosure and are thinking about a short sale to stop the foreclosure proceedings, you are not alone. A short sale is a common and often effective way to avoid a foreclosure, but before you can move forwardÂ with this plan, you may first draft an
How To Write An Awesome Hardship Letter That Gets The Bank’s AttentionÂ Rob Chevez and Michael Benmira of CAZA’s Distressed Asset Division (D.A.D.) briefly explain the process of writing the perfect hardship letter to get the bank’s attention.
This outline will help you prepare your hardship letter. The sample answers are to assist you NOT to just be copied. Your hardship letter should only contain facts. Just be honest. Your goal is to explain to your Lender why you can no longer make the payments for your property.