Preparing Your Qualification Letter | Gainesville Short Sale
The Hardship Letter for a Gainesville Homeowner is part of the short sale package and is written by the seller. It is used to explain to the bank short sale lender the reasons for the borrower’s need for a short sale. Reasons such as divorce, job loss, medical issues, job relocation, etc. can and should be included. Usually just a one page letter with the pertinent information will suffice.
When approaching your lender about listing your home as a Gainesville Short Sale you will always be required to submit a hardship letter as a part of your short sale package. Suffering a hardship is one of the qualifiers lenders use to determine if they will allow you to sell via a short sale. So what qualifies as a hardship? Here is a list of some examples of hardships below:
- Divorce or separation.
- The death of a family member or your significant other which were contributors to the loan payment. This typically only applies to family members who were actively involved with paying the loan.
- If you are in the military and are called to duty. This is not always a guarantee but most will consider this reason.
- Job relocation. This must be due to your employer moving your job somewhere else and there will also be a range requirement. You must move a certain distance away from your current location.
- A sudden increase in debts. This could be caused by an illness of you or your spouse.
- A significant reduction in your income. Again, this could be caused by an illness, loss of job, or a decrease in available hours at your employer.
- A sudden increase in your expenses caused by anything previously mentioned in the other points.
As you can see it’s not that simple to just say you’re going to sell your home in a Gainesville short sale to get from underneath the negative equity. When writing the short sale hardship letter you must do the following:
- State the legitimate, special circumstances which have caused you to fall behind on your house payments.
- Explain your current situation and what you are doing to try and get back on your feet.
- Don’t make your situation worse, by complaining to them.
- Be honest and represent the facts clearly.
All of the above is what your Gainesville hardship letter should contain, but just knowing what you need isn’t going to be enough. You need to know how to write the letter to get the best possible response from your lender. For help in understanding how to do a Gainesville Short Sale and more information on writing a Gainesville Hardship Letter please call on me for help!
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Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.