What is a "Hardship Letter ?" - Short Sale 101
By Eric Reid
(Renaissance Realty Group of Keller Williams Atlanta Partners)
This is one of many documents that lenders require during the short sale porcess. To start the process you will need to gather some information that reflects the "why" of how the hardship occured This list are a few of the "why's" Adjustable Rate Mortgage Reset- Payment Scock (uncommon, but we will see more lenders accept this in the future) Illness Loss of Job Reduced Income Failed Business Job Relocation Death of Spouse or C0-Borrower Death Incarceration Divorce Marital Separation Military Duty Reduced Income Medical Bills Damage to Property (natural disaster or unnatural) Other (Please Specify) Now that you understand what your lender or servicer is looking for, it's time to sit down and write a hardship letter. I made it easy for you by giving you a couple templates below that you...
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