What happened? Seriously what happened? When you took the loan out everything was great. You were making money, your credit was good and by all accounts you appeared financially sound.
Now you’re in default and telling your lender you need to sell the property short to avoid the home being repossessed by foreclosure? Ok, then tell us what happened.
We hear this all of the time and we tell the homeowners this is exactly what the bank is thinking and this is what they will have to explain. So just how do you explain it…you write a very compelling hardship letter.
Bad things sometimes happen to good people. It is highly doubtful that the homeowner intended to default on his / her mortgage and end up in foreclosure.
Most likely their enjoyment of the American Dream of homeownership was interrupted by some tragic event.
Maybe the loss of a job, a bitter divorce, or the unfortunate untimely illness or death of a family member caused the homeowner borrower to default on his mortgage.
Whatever the catalyst, the lender wants to hear from the borrower just what happened to cause them to be in the financial situation they are in.
If the bank is going to consider taking a short sale, they need to be convinced that something drastic has happened to the borrower that will make it impossible for the borrower to recover and that it is in the bank’s best interest to accept a short sale on the defaulted mortgage.
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