Letter of Hardship
Anchorage Real Estate
A letter of harship is something that is submited to a mortgage lender outlining the reasons why a property owner is unable to pay their mortgage. A hardhsip letter is usually used by a home owner in distress and is behind on their mortgage payment. Distressed homeowners usually write hardship letters when asking the lender for a repayment plan, loan remodification, or a short sale.
If a homeowner is going to write a letter of harship in order to qualify for a shortsale, it is crucial that they include why they cannot contribute funds at closing when and if the home sells. If a homeowner has assets, the homeowner may be required to liquidate the assets in order to satsify the shorted sale. A short sales occur when a lender agrees to take less than what is owed on a mortgage loan.
Keep in mind that the harship letter should include factual information and state why you fell behind on your mortgage payments and if you are applying for a loan remodification or repayment plan, state what has changed and why you are in a better position to keep up with your mortgage payments. Some valid reasons you may have fallen behind include job loss, death, or family illness. Financial reasons alone, i.e. the homeowner has budgeting issues, are not usually adequate. For more information about short sales in the Anchorage Area, contact Vanna 907-720-4663
For any questions regarding Anchorage Real Estate, contact Vanna 907-720-4663
Vanna Siackhasone, Anchorage Real Estate Specialist, 907-720-4663
