WNY Homes for Sale

Writing the Hardship Letter

Today I want to talk about a small but important piece of the short sale - the hardship letter.

This is the one time you really need to look at the situation through bank's eyes.   They have taken all the risk and ultimately deciding if the transaction is going to go through.  The hardship letter needs to be very compelling and very descriptive at explaining the situation why the borrower has defaulted on their loan. Now descriptive doesn't mean write a novel it means give dates, reasons, and really try and play to the emotions of the bank... as if a bank has emotions right?

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Take the lender through the process of the Why, What, How, and Future of the problem.

The Why is where you explain why the borrower defaulted on the loan. If they defaulted because of something of a more serious nature the better of you are. Here are just a few of the reasons why.

• Death
• Divorce
• Illness
• Job Loss
• Job Transfer

Always be honest and don't make anything up just to try and win them over.

Ok so writing a hardship letter isn't like writing a letter to Santa, but they do have one thing in common -- DETAILS!

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