A shortsale to stop foreclosure in new york requires that you write a detailed hardship letter to your lender. This letter is basically the short sale deal breaker. Your short sale package will be examined by a loss mitigator, who can empathize with everyone’s hardships.
The loss mitigator will read your hardship letter and will try to understand why you’ve been getting behind on your loan payments. In order to gain the favor of the loss mitigator, you need to list the reasons why you are having problems making your monthly payments: job loss, a death in the family, physical or emotional distress or other drawbacks. You need to mention your hardships in your hardship letter. When you write them down, make sure to write them so that they are organized and detailed clearly.
The hardship letter can be typed or handwritten but in some cases it’s actually better if your letter is handwritten and take a moment to sit down and organize your thoughts before writing. Make a list of reasons or ‘hardships’ showing why you were unable to make payments and why you need a short sale to stop foreclosure in new york in the letter. Your hardship letter should include at the top of the page; your name, the date, the mortgage company and your loan number. The last page of the hardship letter should include your signature and the signature of any co-signer on the mortgage.
Make sure to keep any negative comments about your mortgage company out of the letter even if they are the reason you are dealing with hardship. A responsible loan mitigator won’t look kindly on ugly words from homeowners. It never hurts to ask forgiveness for defaulting on your loan not begging or offering to make it up for the bank. “We apologize for falling behind on our loan payments, but we have experienced job loss and haven’t been able to make the payments,” is a great way to show that you’re sorry.
When writing your hardship letter be sure that most of the letter is a listing of why you can’t pay your loan. Your hardship letter should only contain the information that will help your cause of getting a short sale. Before writing your letter you should sit down and think over the passed year for events and circumstances that have led to your current hardship. If the homeowner comes across as not having cared about their finances at all, the lender will be less inclined to forgive the debt and accept a short sale.
Often the realtor or investor working with you will ask to review the short sale hardship letter with you providing with some stop foreclosure in new york tips. Once your hardship letter has been read over, be sure to ask for any tips on how to improve it- what to add or what to take out. Hardship letters often need thorough revisions in order to become perfect.
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