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Chapter 9: How to Write a Hardship Letter

So you have decided to try a short sale, but don’t know how to write a hardship letter. A hardship letter is meant to show the bank that you have tried to the end of this world to try to pay off the mortgage, but you are unsuccessful. The letter should address why you can’t continue to pay for the home, what a fair deal on the short sale is, and why the lender should agree and settle with you on that amount.

  1. Start with telling the lender that you are hoping to be approved for a short sale. Explain your current situation with the home, the more heart-wrenching the better.
  2. Explain how you bought the property or got the loan, and briefly recount your past history of paying on the loan. Show that you have attempted to pay the last however many payments, but have missed the last few times.
  3. Explain your current situation. Put things in a negative light, not being able to pay off mortgages due to loss of jobs, family emergencies, sudden financial depletion, etc.
  4. This is a persuasive letter. The sadder you sound, the more the lender will be willing to approve. Make sure to explain to the lender that you are ordinarily an upright citizen, but because of your current situation, you cannot afford to make the payments on the home. Explain how your situation is hopeless and long-term, that you will not be recovering for a very, very long time.
  5. Close with explaining how grateful you would be if they did approve the short sale. Be sure to exclaim the urgency of the short sale.

Contact Grace for some samples of very well written hardship letters.

Chapter 10: Blemished Credit Report
Chapters for Seller's Guide to Short Sale
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2
3
4
5
6
7
8
9
10
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12
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14
Chapters for Buyer's Guide to Short Sale
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2
3

 
   

 

 

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