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A short sale hardship letter is critical to your client’s short sale process. Essentially, they write a letter to the lender outlining why they can’t keep up with their mortgage payments. As a real estate agent, you already know how vital this step is to approve a short sale.
26 Αυγ 2024 · In real estate, a short sale is an asking price for a home that is less than the amount that is due on its existing mortgage.
In real estate, the term "short sale" often comes up as a strategic and complex transaction. This article outlines the intricacies of short sales, offers strategies for buyers and sellers, and explains how they function and why they happen within the real estate industry.
7 Απρ 2023 · Hardships that usually quality for short sale consideration include: job loss. a spouse's death. reduction in pay or work hours. job transfer. medical expenses from a serious illness for the homeowner or a family member. separation or divorce. an adjustable interest rate reset. military service, or. a natural disaster. What Is a Hardship Letter?
6 Οκτ 2021 · If you choose to write a hardship letter for a short sale, you’ll want to make yours stand out to lenders so that you have a better chance of avoiding foreclosure. This article discusses what to include—and what not to include—in a hardship letter requesting approval for a short sale.
Examples of qualifying hardships include the onset of a disability or life-threatening illness; divorce; job loss; and/or death of one of the homeowners.
20 Νοε 2019 · A short sale occurs when a lender agrees to the sale of a property at fair market value even if the outstanding mortgage against the property is more. Ideally, the lender forgives any balance due on the loan after the sale goes through; the borrower is no longer on the hook for the remaining mortgage balance, although this isn't always the case.
