Las Vegas Short Sale Hardship Letter – Short Sale Attorney
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Las Vegas Short Sale Hardship Letter is one of the more critical pieces of your short sale package is the hardship letter.
Lenders are concerned about limiting risk and their losses.
With a Las Vegas short sale hardship letter, your basically saying “we have a problem, so the bank has a problem” and we do not want the bank to start the mortgage foreclosure process.
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Mortgage Foreclosure Process
The letter will lead the bank to believe a mortgage foreclosure process is imminent. Your financial hardship should be believable and supported by documents. With the hardship you need to show your inability to pay and the non-payment will continue into the foreseeable future.
Show three things in your Letter:
- Fair Market Value of your home has decreased
- You have experienced a hardship creating an inability to pay your mortgage
- Your Las Vegas mortgage is currently not be payed or will be in default soon or a mortgage foreclosure process
Other Tips for Writing Las Vegas Short Sale Hardship Letter
- Clearly state the circumstances that led you getting behind on your mortgage. Keep it simple.
- Explain your current situation and what you are doing to try and get back on your feet.
- Be truthful.
- Neatly hand write your Las Vegas short sale hardship letter – it is more personal and can make the negotiator connect more with your financial hardship.
- Please, please try to keep your short sale hardship letter to one page! Remember you are dealing with a 9-5 employee that does not know you from a whole in the ground. Keep it simple and keep their attention.
Locate the person handling your property in your lender’s loss mitigation department. Keep calling until you’ve reached the one person who can help you. Write down the agent’s name, department, address and other information necessary to open a line of communication. Ask that a short sale package be sent, including authorization allowing your real estate agent to act on your behalf and full instructions on the hardship letter you must write.
Address the letter to the proper name of your asset manager, and limit its length to one page. Use a businesslike and cordial tone while maintaining your dignity. Write in a tone that conveys your despair without the melodrama. State that you never expected to be in this situation and being financially unable to meet your obligations wasn’t something you planned, as you honor your debts.
State the reason you can’t pay the mortgage. Mention the cause — a job transfer resulting in having to sell your home in a declining market, death of an income provider, divorce, a change in income, illness or unexpected medical costs. Be prepared to back up your claim with evidence.
Mention whether your hardship is short-or long-term and if you expect it to be resolved within a specific period of time; the lender may agree to a loan modification instead of losing your home to a short sale if it sees a positive future.
Request permission to begin the process of a short sale attorney to avoid having a foreclosure on your record.
Let the lender know your intent was to remain in your home if circumstances hadn’t changed. Tell the lender you have tried to sell your house at full price but no offers came in and a short sale attorney is your next step.
When buying or selling Las Vegas homes…
Contact an experienced Realtor!
Bob and Diana
Robert Ratliff RE/MAX Reliance Las Vegas
Las Vegas Short Sale Hardship Letter
Mortgage Foreclosure Process Las Vegas Short Sale Hardship Letter
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