Real Estate Hardship Letter

Real estate hardship letters are part of the process necessary to get a bank to work with a borrower when certain situations arise.

A real estate hardship letter is usually required when a seller is working with a bank for the following reasons:

  • Negotiation of a Died in Lieu
  • Negotiation of a Loan Modification
  • Negotiation of a Short Sale

What should go into a real estate hardship letter?

Most of all you should tell the bank in your own words how and why you fell behind in your mortgage. You also want to tell the bank why you feel you cannot make up the payments and feel that the offer you are asking for is the only way that you feel can solve the situation. It is always important to be as truthful as possible in your real estate hardship letter and to accurately explain what happened.

Tell the bank why you fell behind in your mortgage in your own words.

Some reasons that are good to mention in your hardship letter if they have happened to you are as follows:

  • You have an adjustable rate mortgage that cannot be refinanced and you can no longer afford the payment.
  • You or the co-borrower has lost a job or overtime
  • You have exhausted your financial resources in order to pay for your mortgage and have nothing left to assist with the mortgage payment
  • An extreme event drained your resources such as natural disaster or family needs

Make sure the letter is truthful and accurately explains your situation.

How can you get assistance with a real estate hardship letter for a short sale?

Get the Information you need today

We have prepared a free short sale information packet that addresses the most common questions we receive from clients on a real estate short sale and also includes a sample real estate hardship letter. Please click Short Sale Packet and we will rush one out to you via e-mail or mail so you can be prepared. If you need immediate assistance in a short sale you may contact us at 1-888-379-9944 and one of our short sale specialists will contact you within 15 minutes to assist you