Keller Williams Roseville - Tami Saner Preferred Short Sale Specialist - Shares Loan Modification Hardship Letter Questions

By
Real Estate Agent with GRANITE BAY, ROSEVILLE, ROCKLIN SHORT SALE AGENT BRE# 01444554

Should the Seller Write a Letter Requesting a Loan Modification?

This is usually called a hardship letter, and must be included with the application for a loan modification. In general, homeowners should describe what caused them to fall behind in their mortgage payments, whether it was a job loss, medical emergency, or other issues. Also, the borrowers should detail what they did to solve the problem, how they recovered from it, and what they are doing to make sure that they never fall behind again.

Homeowners should use the hardship letter as an opportunity to gain more understanding of their situation and make the best case they can to the bank. If the borrowers have fully recovered, they should state this, and if they have replaced some income but their situation has permanently changed, they should also disclose this to the bank. The more information the bank has that may not be explainable anywhere else but the hardship letter, the better. If you or someone you know needs to review your options to prevent foreclosure contact Tami Saner at (916) 417-6162.

 hardship letter

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Sales and Marketing
Location:
California Placer County Roseville
Tags:
keller williams roseville tami saner preferred short sale specialist shares loan modification hardship letter questions

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
155,521
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

I am assuming that you are speaking of the seller writing their own hardship letter.  In every short sale that I have participated in... the lender has always asked the seller to write a letter detailing all of the reasons (hardships) that have led to the need of a loan modification.  The more heartfelt the letter, the better.  (within reason, of course)

May 02, 2012 10:17 PM #1
Rainer
49,985
Tami Saner
GRANITE BAY, ROSEVILLE, ROCKLIN SHORT SALE AGENT - Rocklin, CA
Tami Saner & Associates - Keller Williams Realty -

Yes, the more details & heartfelt the better, sometimes that 1 letter may make all the difference in the world. Negotiators have hearts to. =)

May 02, 2012 10:20 PM #2
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainer
49,985

Tami Saner

Tami Saner & Associates - Keller Williams Realty -
Ask me a question
*
*
*
Spam prevention