Hardship Letter – This is a letter composed by the homeowner that explains to the mortgage company the circumstances that have led to the missed mortgage payments. The homeowner needs to make it clear that there is no hope of curing the default and a short sale is the only option. It is best if this letter is hand written, but a typed letter is fine. The letter should be at least one page long and be emotionally moving
In addition to a hardship letter make sure to include Hardship Proof – These are supporting documents that support the hardship letter explanation. For instance; a repossession slip, a layoff pink slip, doctor bills, death certificate, divorce papers, bankruptcy papers, police report, etc.
There are multiple ways to structure a hardship letter. Make sure to download the free short sale forms to see 10 different examples.
