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Santa Monica Short Sale Agent Advice: How to Write an Economic Hardship Letter

If you decide it is time to list your home as a short sale, your first step should be to contact a Santa Monica short sale agent to get you started. Your Santa Monica short sale agent will work to protect your rights as a seller and can also help the process move as smoothly as possible. Part of the short sale process is that you as a seller have to prove that you have a significant amount of economic hardship that makes you eligible for to list your home as a short sale.

First, your Santa Monica short sale agent can help you understand how to define you economic hardship. You may think that your hardship comes solely from financial matters, but life changes can help you to qualify for a short sale as well. For example, divorce or death of a co-borrower may constitute economic hardship.

When you work with your Santa Monica short sale agent you may be asked to describe your hardship. That essentially means that you have to say how your life or situation has changed since you originally signed papers on the loan. Some sellers have a hard time presenting all the details of their economic hardship to their Santa Monica short sale agent because it signifies a difficult time, but knowing these details can make a big difference. You should always answer the questions of your Santa Monica short sale agent as effectively as you can so that all the details of you situation can be considered.

In the letter, your Santa Monica short sale agent will discuss how you arrived at your specific situation, steps you’ve taken to get out of the economic hardship, and why your situation is not likely to improve or change over time. For the best success in an economic hardship letter you should include as much information as you can. Including facts and figures will also help the bank to understand your current state.

A letter of hardship can often be difficult to write because you get to see all of your hardship put in front of you on one sheet of paper, but it is one of the best ways to improve your situation as well.