About Short Sales

In the communication with the lender when trying to facilitate a Short Sale, the Hardship Letter has to be very effective to gain sympathy and assistance from the lender with the short sale. The sadder you make it and the more proof you can provide regarding the financial situation the better. Describe how the financial situation came about and make a plea to the lender to work with you on the payments. Lenders know there are extenuating circumstances and will accept the fact that a job was lost, medical bills are overwhelming or some other serious problem has affected your financial situation. Be honest with them and share as much of your present situation as you can with them. Think of the lender as your friend and they will respond in the same manner.

Don’t be shy on the phone when you call the lender. It may take several calls (don’t give up, just call again later if you don’t get the answer you want) but eventually you will talk with the right person. The person you want is the one responsible for handling short sales. If you get someone else they may not take the right information from you or give you the right information that you need. The most important person is the one that can make a decision regarding your situation. Ask the right questions and you get the right answers.

When a property is close to foreclosure because payments are in arrears, the seller has financial difficulties and is unable to make the mortgage payments and the value of the home is close to what is owed on the loan(s). These situations are difficult for everyone involved and a short sale is a win win for all involved.