One of the biggest parts of the short sale Minnesota transaction process is composing the letter of hardship. This is required piece of documentation that proves that you are in hardship and thus need to short sell your home. You will need to explain your situation so the lending company can understand why they need to consider a short sale for your home. This can be a very hard letter to write. For many, finding the time to sit down and write such a personal letter is hard enough but many will also find it hard to find the right words to express their emotional strain and financial burden. Many are also ashamed to put the words to paper as it makes the situation real. However, writing this letter is the biggest step to a brighter future and, in most cases, the only way you can avoid a foreclosure on your home.
How to Start your MN Short Sale Letter of Hardship
Start your letter with the following formalities:
- Lender Name/ Lender Address/ Lender Fax Number
- Today’s Date
- RE: Hardship Letter – Short Sale for YOUR ADDRESS
- To Whom It May Concern
The Bulk of your Minnesota Short Sale Letter of Hardship
Your short sale letter of hardship does not have to be a novel but it should be a typed page in length outlining the details of your current situation. This will include:
- Where you purchased your home and your financial situation at that point. You will need to include your salary and other incoming income.
- What happened to cause the payments to pile up and for the missed payments? This may include a job loss, unexpected bills or medical payments, a loss of a spouse, a divorce or separation, an increase in interest rates or anything else that has happened to cause financial hardship. You will need to be as honest and detailed as possible when explaining your situation.
- The details of the MN short sale. You will then need to explain that you are now trying to sell your home and ask the lending company to accept your offer as ‘payment in full.’ Let them know that you just “want to move on” with your life.
Conclude your letter by informing the lending company that you are available to answer any questions or provide any more details and include your name, address and contact number at the bottom.
The Importance of a Letter of Hardship in a Minnesota Short Sale
Your letter of hardship is your plea to the lending company on a human level. If your letter is well written and compelling, then it will be a lot easier for the lending company to accept the short sale offer. Many people are not naturally poetic and have trouble finding the right words. That is why it’s important to get the help you need from a qualified short sale agent in Minnesota when composing your letter of hardship.
