A vital part of a short sale is the hardship letter. So what is a hardship letter and how do you write one?

A hardship letter is a letter to the mortgage company explaining why you can't afford to pay your mortgage anymore. The letter should be kept short and to the point. Don't be too vague, but also don't get overly technical. Make sure to write your letter using emotional terms. Remember the first time you watched the movie Bambi when you were young and Bambi's mother got shot? You want the loss mitigator reading your letter to feel the same rush of emotion when they read your letter. You need to make them want to help you.

What are good things to put in your letter?

Did you recently develop a medical condition or have surgery? How about a severe salary cut or loss of a job? Are you on a fixed income and your adjustable rate mortgage just went up? Those are good things to include in your letter.

What should you avoid putting in your letter?

Make sure you don't mention divorce, legal issues or you are over extended on your credit. Never and I mean never threaten to file bankruptcy! Threatening the bank gets you no where. They can simply put the foreclosure on hold while you file bankruptcy and start it again after you emerge from it.

If you have questions about short sales or need a qualified agent in your area to sell your home visit my Naples Florida Short Sales website by clicking the provided link. I've built relationships with agents across the country during my career and will put you in touch with an experienced short sale professionally. Don't trust your financial future to just anyone. You can also use the form at the bottom of the page to contact me.

Your Naples Florida Short Sales Expert,

Benjamin Sovacool

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Article's Author

Benjamin Sovacool
Taylor Donovan Realty, Inc.
Naples, FL

Contact Benjamin Sovacool