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Hardship Letter Please tell us in detail why you are experiencing financial difficulties. Income reductionUnemployedSelfemployedDivorceMedical*Other Borrowers Signature: Date: Print Name: CoBorrowers
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Everybody's watching us and today I have the good fortune to introduce to you our in-house corporate counsel Michael Biehn Merrill he we call him the dad of the group because he's in charge of the distressed asset division and that includes our short sales right and he's an awesome resource in order to help us get these short sales approved and today we're gonna cover a topic that's very important one of the first things you have to do but it's how to write an awesome hardship letter that is going to get the it's going to get the bank's attention and it's going to get them to want to approve the short sale so Michael welcome thank you very much yeah let's talk a little bit about how to write this hardship letter so how would you advise a client on writing the right parts of letter to get notice by the bank a 1 1 of the things that you need to do is actually be accurate and be concise I've seen arching letters that aren't two three four pages long and those don't work a one-page explanation of what is happening in your case telling them what your hardship is and what you've done to remedy the hardship and why it is that I was no longer portable to you that works okay and should they should people write about how much money they're losing every single month should they detail the analysis in the hardship letter what advice do you give them in that respect well it's basically so we were constrained to for the effective letter it would go straight one page right so one of those paragraph is going to come out and say I'm calling you because I'm sending you this letter because I'm having these difficulties making these payments and difficulty making these payments is because I either got divorced the property is under water my interest only loan is now it's not just only interest on me but now it's piti Chris was just texting insurance the condo fees have gone too high so there's a death in the family there's a loss of job so all those things get explained and it shows what the monthly shortage is in your ability to make the mortgage payments okay and so when that when you tell them the purpose why you are required in this situation and then you've already tried in most most instances they've tried a loan modification sometimes the loan modifications get approved sometimes they don't and in some of those instances where they've been approved even even the loan modifications don't work I know cases where the loan modification got approved it went from an interest-only loan to a piti but instead of reducing the monthly payment the monthly payments haven't actually gone up by $25 $50 granted it is not including principal interest taxes insurance as opposed to interest only interest only for 1500 as opposed to British tax insurance for 1550 in the long run it's a cheaper product cheaper fixed-rate loan which amortizes belong but instead of making it cheaper for you out of pocket you're actually spending more money out of pocket every month I see I see...