How to Write An Effective Naperville Short Sale Hardship Letter
A short sale happens when a homeowner sells his or
her Naperville luxury home for less than what is owed on the mortgage. Short
sales can save the seller from foreclosure and losing money because lenders
don’t require the seller to pay the difference between what the selling price
of the home is and the balance of the mortgage.
However, to qualify for a Naperville short sale, the
seller must prove to the lender that they are going through a financial
hardship. The best way to do this is by writing a hardship letter.
What do lenders consider as a financial hardship?
- loss of employment or salary reduction
- relocation or job transfer
- death in the family
- major unexpected medical expenses
- divorce
Here are 8 tips on how to write an effective
hardship letter:
- The hardship letter must be signed and dated.
- Include your Naperville home’s address and loan number in the header.
- Keep it short and direct to the point. 5-10 sentences is enough.
- State your financial hardship and the circumstances that make it impossible for you to continue your mortgage payments.
- Make a strong case and make sure to let the lenders feel that there is nothing more you could do about your case and why it will be permanent.
- Never blame your lender for your hardship.
- End the letter with “a short sale seems to be the only solution for us to avoid foreclosure” or “please consider a short sale on our Naperville home since we can find no other solution to our circumstances.”
- Don’t forget to sign and date it!
It is important to have an experienced Naperville
short sale agent guide you through the short sale process and help you write a
hardship letter that your lender will accept.
If you are ready to do a Naperville short sale call me, Teresa Ryan at 630-276-7575. As a certified Short Sale agent and owner/broker of Ryan Hill Realty - www.RyanHillRealty.com, I have the experience and tools to help you sell your Naperville short sale home.
Teresa Ryan
Broker/Owner, CDPE
Ryan Hill Realty
1001 E. Chicago Ave., Ste. 103
630-276-7575
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