Blog Archives

How to write a Hardship Letter – Part II

Part II

No pointing fingers

A wise old man once said, “You get more flies with honey than you do with vinegar.” By now, the entire world knows that the banks are not innocent victims in this foreclosure debacle. However, this is not the time nor the place to make excuses, point fingers and play the blame game. This is the time to have a big slice of humble pie and ask for forgiveness. Read the rest of this entry

How to write a hardship letter – Part I

PART I

As we’ve discussed in previous blogs, Lender(s) and lien holders must all agree to a short sale for its approval. Everyone’s consent is necessary to clear the title on the property. To obtain the required approval, a hardship letter along with many other documents are required to be completed, compiled, and submitted. Every document is important, but standing alone, the hardship letter could be the one document that could make or break the deal. If you’re in financial trouble or are falling behind on your mortgage payments, you should speak with an attorney and real estate agent immediately to discuss your options. Read the rest of this entry

What is a Short Sale?

I’m going to make this a two part blog.  First, I’ll explain what a short sale is and how the process works.  Then, next week, I’ll tell you about possible ramifications and other parties involved.  A short sale is a sale in which the proceeds from selling the property is less than the balance of debts secured by liens (mortgages) against the property and the property owner cannot afford to repay the liens’ full amounts. The lien holders then agree to release their lien on the real estate and accept less than the amount owed on the debt.  Read the rest of this entry