Short Sale Hardship Letter Samples Paint Clear Pictures of Underwater Homeowners’ Circumstances.
Your financial hardship letter greatly affects the chances of your lender consenting to a short sale. Washington Property Solutions walks you through the process of writing a short sale hardship letter that achieves the best possible outcome. For your reference, we include the following six short sale hardship letter samples.
Divorce Short Sale Hardship Letter Sample
It is with regret that my wife and I can no longer continue to make our mortgage payments due to our divorce. My wife is moving out of state, and I cannot afford to make the payments on my income.
I have attempted to get a loan modification, but even that reduction in mortgage payment would be more than I could afford on my salary alone.
Because of the divorce, we would like to sell the house and each make a new start. We are underwater on our mortgage, and would like to do a short sale. Thank you so much for considering helping us.
Reduction in Income Short Sale Hardship Letter Sample
I am writing to ask for your assistance. Last year, my employer changed my position from full-time to part-time, essentially cutting my income in half. I have looked for work steadily, but have not been able to find another position. I have now been experiencing a reduction in income for 14 months, with no good prospects for full-time employment in sight.
While my pay was reduced, my expenses were not. I have been steadily falling behind on all my bills, and have missed a number of mortgage payments. I barely have enough to live on, and it seems like I keep falling farther behind.
At this point it has become apparent to me that I cannot make my mortgage payments. I would like to sell the house and get out from under all this debt.
Thank you for considering to help me through this tough time.
Job Relocation Short Sale Hardship Letter Sample
I need to sell my house because of a job transfer that has made it impossible for me to continue to make my mortgage payments.
Last year, the facility I worked for in Washington State closed. The company offered me a job if I was willing to move to Denver. At my age, there aren’t many options for starting over in a new job, so I accepted the offer and my wife and I moved to Denver. The economy had a big downturn since we first bought the house, and we found ourselves underwater on our mortgage.
I tried to rent out the house in Washington, but I can’t cover the mortgage payment with the rental income. I tried to refinance, but was told I would need to make a $70,000 deposit to move forward with refinancing, and that’s money I don’t have.
I would love to keep the property, but I can’t afford to make the payments there and also pay rent in Denver. I would like to sell my house in a short sale. Thank you in advance for any assistance you can give me.
Loss Of Job Short Sale Hardship Letter Sample
I purchased my condo at in May of 2007, during the real estate boom.
My financial hardships began in June of 2009 when the management company for my condominium association voted to pursue a special assessment which involved extensive repair and remodeling to all units. My unit was assessed an amount of $48,036.56 which was due in full on August 1, 2009. I paid the full amount of the special assessment with my home equity line of credit.
To my great shock, on July 10, 2013 my employer informed me, that my position was eliminated and consequently on September 8, 2013 I was unemployed.
With the termination of my job, it has become impossible for me to continue to pay about $1,955 each month towards my mortgage and HOA. I have had no income whatsoever since September 2013. I sold my car to reduce my expenses. I have not yet received unemployment benefits for a single week since October 2013. I have survived through loans and credit card debt for about six months.
Given the financial hardship, I have no other option but to sell my condominium. I am writing to request you to kindly help accept my short sale offer and allow my accounts to be fully settled.
Medical Expenses for a Serious Illness Short Sale Hardship Letter Sample
We purchased our home in June of 2006. In March of 2007, the company my husband worked for shut down, and he was out of a job. Two weeks later, he was diagnosed with polycystic kidney disease, was hospitalized, and had a risky procedure to help alleviate the severe pain he was having.
In July of 2007, my husband was able to find a new job, but with a cut in pay from his previous employment. The pain from his kidney disease was back, but since he had a pre-existing condition, his new work insurance required that he sit out a waiting period before he could deal with it. Once that waiting period passed, he found himself back in the hospital having another surgery.
In December of 2007, we were notified that the insurance would not cover any of the costs of the surgery. We were faced with bills totaling more than $70,000. We made attempts to set up payments with the hospital, but they wanted it all up front.
We contacted the lender who owned our mortgage at the time to see if we could lower our monthly payments, but they were unable to help us. By the summer of 2008, we had used up all out savings. We borrowed from family, sold our car and did everything we could to continue to pay our mortgage.
In June of 2009, my husband was back in the hospital for another procedure. There was a complication and he was unable to work for two months. And even with his work insurance, there were additional medical bills that we could not afford. A few months later, my husband’s disorder was upgraded to Stage 4 kidney failure. He is currently on a waiting list for a kidney transplant and his ability to work is uncertain.
We are finally at the end of our rope. Our medical bills are astronomical. My husband’s loss of work time has really cut into our income. We have scoured every option to see if there is a way we can keep our house, but have come up short. We just can’t afford to make our payments. Our only option is a short sale, or bankruptcy, which we hope to avoid.
We hope you will consider granting us a short sale so we can concentrate on getting my husband’s health back.
Death of a Spouse Short Sale Hardship Letter Sample
My hardship began in June 2009 when my husband was diagnosed with pancreatic cancer. Because of the illness, he eventually was unable to work. He worked a seasonal job with no benefits. We did not start receiving disability benefits until January 2010. Then in March 2010, I was laid off from my job, and did not gain new employment until December of 2010. That same month, my husband died.
I have tried to hold things together, but with the loss of my husband’s income, I just can’t do it on my own. I have fallen behind on every bill since my husband died and can’t stay ahead of the growing late fees. I do not want to forgo paying my debt, but I need to get out from under these bills and concentrate on providing for my two children. I realize that I just cannot afford to catch up with my mortgage payments. I would sincerely appreciate you considering a short sale so I can move on with my life.
It is critical that homeowners considering a short sale meet with a professional to review their options and discuss the potential legal and tax implications.
Washington Property Solutions offers FREE real estate attorney consultations as part of our service.
Call us at 425-381-2233 to schedule a free confidential consultation.