Are you about to list your home on the Santa Monica short sale market but are having a difficult time writing your hardship letter? If this is the case, please know that your Santa Monica short sale expert is always available to help you get past the road blocks, but today we’d like to help you out as well by providing you with a few pointers to get you started.
First of all, you may be wondering what a hardship letter even is and why you have to write one. Basically a hardship letter is part of the short sale package that your Santa Monica short sale expert submits to your lender on your behalf; its purpose is to explain to the lender in detail why you feel you need to sell your home on the Santa Monica short sale market.
To get started, it’s important to know that while this letter is an important part of the short sale process, it’s not something you should lose sleep over. Pretend as if you’re writing an old friend or colleague and explaining the situation to them. This usually takes the pressure off of homeowners and helps them get started. The lender is looking for you to explain your situation in great detail. How did you get in to a situation like this? If you’re behind on your mortgage payments, for example, why? Did you lose your job or suddenly run into large medical expenses? The bank is going to want to know what your hardship is and what caused it. Next, what have you done to try and remedy the situation, if anything? Why was this attempt unsuccessful?
Be as thorough and detailed as possible when writing your hardship letter; the more convincing you are, the easier it will be for your lender to see that you do, in fact, need to sell your home on the Santa Monica short sale market. Your Santa Monica short sale agent will also proofread your letter before submitting it with the short sale package, so if there’s anything you’ve left out or forgotten, they’ll be sure to catch it and ensure that the best hardship letter possible is submitted.