How to write a hardship letter for a loan modification or a short sale?
Often we receive the question of how a homeowner should write their hardship letter and we find that there is still no simple answer. Should I include if I didn’t file my taxes? What if I don’t know what a profit and loss is? Many times the answer is right there but simply needs to be reviewed and restructured through fresh eyes. As having worked for a lender myself we can tell you that we see in many occasions letters in a format in which the lender will turn around and immediately decline the file. It is important to understand that the lender doesn’t want an entire book and is not requesting to know your medical history. The lender in fact is limited in many cases on what they can and can’t ask you about. Many times we are approached by loan officers, attorneys, and real estate agents/brokers that do not know why their deals are failing and many times taking the same information but presenting it in a different fashion is all that it takes. The lender needs to be able to see a hards
