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HARDSHIP LETTERS
 
 
 
Letter of Need / Hardship Letter

 

Seller: John & Linda Seller
Date: 01-01-10
Bank: ABC
Loan Number: 0123456789
 
 
Dear Bank of ABC,

 

 

My wife Linda and I are just about to lose our home.  It is so sad for us because we love

our home and have no desire to move.  We surely never thought this day would come but

here it is.

 

We had planned to refinance prior to our note going adjustable.  That became impossible

when my wife had to leave work for medical reasons and my income at work dropped by

eight percent.  We are now not qualified to refinance.  The higher payment coupled with

our diminished income and mounting medical bills has us gasping for breath right now

with no end in sight.  We actually visited with a bankruptcy attorney to learn more about

that process.

 

We tried to sell the home on our own without an agent but we had few lookers and no

offers.  We are told by our agent that the house is worth less than it was last year and with

all the unsold houses on the market; that seems to be true.

 

We are just sick about being in this position.  We have hardly slept in months and

unfortunately have finally come to the conclusion that we are going to lose our home.  It

is an especially hard thing for us to have to tell our children.

 

Our real estate agent, Wayne Corbeille, has told us about a possible program where you
may actually allow us to sell the property for whatever it would bring.  That would mean there
would actually be no formal foreclosure.  This is what we would love to do if that is possible.

 

We have full confidence in Wayne and his team.  He has proven to be one of the best
agents in the area and we trust him.  Please work with him if that will help keep this house
from going into foreclosure.

 

Thank you,

 

 

______________________________

John Seller                                 Date

 

______________________________

Linda Seller                               Date

 

 

 

SAMPLE LETTER

 
 
 
Letter of Need / Hardship Letter
 
Seller: Bob Seller
Date: 01-01-10
Bank: XYZ
Loan Number: 0123456789
 

Dear Bank of XYZ,

 

My daughter and I are on the verge of losing our home.  We are very disappointed and
unhappy about moving away from this neighborhood and losing this house.  We were looking
forward to my daughter going to high school and staying with all her friends.

 

I have been laid-off from the company that I worked for the last 15 years here in Las Vegas.
I was in the home building industry which as you know has taken a severe hit during these
troubled times.  It is going to be very challenging, given the current market conditions, to obtain
a similar job with the same salary and seniority.

 

I tried to sell my house throughout last year but with all the other houses that were on the market
coupled with the falling prices, I had no interested buyers and received no offers.

 

I am worried about all my financial obligations like child support, insurance and other monthly
fixed expenses.  It will be increasingly difficult to choose which bills to pay.

 

My real estate agents Wayne & Jill Corbeille specialize in short sales and I have hired them to
work with us to short sell this house.

 

I have interviewed multiple agents and know Wayne & Jill are the most qualified to handle the
sale of this home.  I hope we can work together in order to get you as much money for this
property as is possible in this current market.  My goal is to try and bring something positive out
of this unfortunate situation we find ourselves in.

 

Sincerely,

 

 

______________________________

Bob Seller                                 Date
 
 

SAMPLE LETTER
 

Letter of Need / Hardship Letter
 
To:  Bank of 123
Loan Number: 0123456789

From:  Jane Seller

Subject:  Hardship Letter

Date:  July 19, 2009

 

 

Dear Bank of 123,

 

My name is Jane and I have been a food server in Las Vegas, Nevada since 2000.  I have watched
this market grow and recently crash over the last two years.  My income has decreased at an accelerated
rate and over the last two years I made virtually half my usual income in this terrible market.

 

I have been using all of my savings, personal loans from family and credit card debt just to pay my
bills.  Now that all of my savings is gone and all of my family resources are tapped I can no longer
pay my mortgage.

 

I have watched my property value decrease at an alarming pace.  I tried to sell my home previously
at a break even price; however, the market price was so low that I received no interest in my house.
I am aware of a program that may be available to me to sell this property for the current market value.
This seems like the only way I will be able to avoid eminent foreclosure.

 

I have identified a REALTOR®, Wayne Corbeille, to take a look at my situation.  He did a complete
comparative market analysis on my house and has come to the same conclusion that I have.  The
value just isn’t there and I am upside down on my property.  I have complete confidence that Wayne
and his team will assist me through this difficult situation because he has helped countless other
home-owners who were struggling through this very difficult economy.

 

Your assistance in this matter would be greatly appreciated.  I can be reached at (702) 123-4567.

 

 

Sincerely,

 


____________________________
Jane Seller                          Date
 
 
SAMPLE LETTER
 

Letter of Need / Hardship Letter
 
Seller: Jose Seller
Date: 01-01-10
Bank: ABC Home Loans
Loan Number: 0123456789


ABC Home Loans,

 

I am at a point I can no longer maintain this property.  I have no desire to let it go, but there isn’t
much I can do.  I never thought things could get this bad, but it seems like they keep getting worse.

 

Over the past eighteen months my business has dwindled.  This month I lost a huge client and had
to let my last employee go.  I am just trying to generate enough business to cover my business and
personal expenses.  This house is simply driving me further into the negative and I just can’t keep
this up any longer.

 

I was told by several realtors that my house is worth far less than what I owe, making a normal
sale impossible, let alone a refinance.  I haven’t missed a payment yet and do not want the house
to go into foreclosure.  I want to do what I can to make the best of a bad situation before it’s too late.

 

My real estate agents, Wayne & Jill Corbeille, mentioned short selling.  I understand this is a
possible program where I may actually be able to sell the house for less than is owed.  That would
mean no foreclosure, and this is what I would prefer to do to avoid the inevitable.  Rather than
going into foreclosure, I see short selling as a winning proposition for us both.

 

I have great confidence in Wayne & Jill and trust that they can do a great job attracting the best
possible buyer at the highest and best price.  They have a great reputation and I was referred to
them by an acquaintance that short sold their home through them.  Please work with Wayne & Jill
if that will help keep this house from going into foreclosure.
 

Yours truly,

 

 

____________________________

Jose Seller                          Date

 
 
SAMPLE LETTER
 
 

* Corbeille Realty Group and its members are licensees that specialize in selling and buying real estate.  This site and the information in it are provided only as a tool.  We are not lawyers, CPA’s, estate planners nor financial experts and cannot give any advice outside our scope of expertise.  You are encouraged to seek council and advisement from a professional of your choice.

 

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