subject: Telling the Bank Your Troubles; do They Really Care? [print this page] Telling the Bank Your Troubles; do They Really Care?
If you have ever had to write a letter to a creditor, it can be a daunting task. There isn't anything fun about sitting down to hash out your problems with pen and paper, and feel like there are millions of clouds looming all around your finances. The banks request the hardship letter to see how your current struggles are affecting you, and it may possibly be a deal breaker.
The hardship letter is a piece of evidence so to speak, for consideration on whether or not they should grant you a short sale. There is no guarantee that they will negotiate the short sale, but it's always worth a try. You need to be able to walk away from the situation knowing that you did everything you could possibly do. When you do your hardship letter, sit down and really pour your hear t out to convey to them what is happening.
Before you write your hardship letter, take an inventory of what is going on with you and your family. When did it start? Do you feel that you are upside down in your home? Or, did you knowingly take a 115% loan out on the home? These are things that you need to be real about, because it's something that is no longer hidden. If you are running behind on your payments, then there is a real, definitive problem. So, put those details into your letter.
Are you wearing down or unable to work because of the phone calls and the letters? Convey that with emotion. Everything that you are experiencing is real. Tell the bank why you can't afford this house, don't let up and don't cut any corners on this. Put down everything that comes to mind whether it's a job loss, divorce, medical bills, increase of property taxes and many more ideas. While every single item may not be affecting you, you do need to identify which ones do, and use that to your advantage. Don't hold back, and make it abundantly clear that you and you r family want to save your credit if you can't save your home.
Hardship letters are not necessarily an art, that would be a very poor choice of words. However, they are very important. This way, the bank is getting the story straight from you and no one else. There will be times when it's going to be hard for you to gather your thoughts, and to be able to think clearly amidst the emotion, so you may need someone else to step in and help you.
There are Certified Distressed Property Experts that are trained professionals that can help you with the process. They can counsel you, help you organize your paperwork, and help you gather those facts and ask the hard questions. Plus, they can point you the right direction on how to get to the next level once this is over.
For more information on how I can help, please go to www.inlandempireshortsaleresource.com.
