15 Reason’s to Contact Kristen About a Short Sale
- questions on paperwork your banks sent you
- foreseeing a foreclosure
- already late on a payment
- your loan modification did not work with your lender
- want to stay in your home but need help with a loan modification or refinance
- need to see if you qualify for government assistance
- want to know general information on a short sale
- find out the affects of a short sale versus a foreclosure
- don’t know what to do with your unbearable mortgage
- need local advice on your property value
- need uplifting news on the real estate industry
- looking to move but your property value went down
- heard rumors about a friend or neighbors transaction and want to know if it is true
- how you can stop your home value from decreasing by stopping your neighbor from going into foreclosure
- just had enough of your lender’s “run-around”
10 Reasons to Work with Kristen on a Short Sale
- Knowledgeable of the local industry
- Continuously training and a Certified Distressed Property Expert
- Knows specific lender insight
- Ability to escalate transactions with private contacts
- Protects clients best interest
- Open communication with client
- Private conversations that will not be share with any party without your permission
- Looks out for your future and your ability to buy again
- Seller does not pay for real estate service out of pocket, real estate agent’s get paid only when list or sells a home and the transaction CLOSES
- Wants her clients to be happy and the transaction successful, so they refer to anyone with real estate need
Writing a Hardship Letter
Homeowners having trouble paying their mortgage are often required to write a hardship letter when applying for a loan modification. Such a letter is a requirement for modification applications under the government’s Making Home Affordable program.
Making sense of the story
A hardship letter is not the basis for modification approval – that depends on the
borrower’s financials and the intricacies of the various government and in-house lender
programs. The purpose of the hardship letter is to explain upfront why borrowers missed
payments, and what they propose as a solution.
Some housing experts recommend that homeowners write short letters, using the
philosophy that “less is more.” The lenders’ loss mitigators, faced with mountains of
modification requests, are unlikely to spend time reading more than the first few lines of
each letter. Also, there is the risk that borrowers who go on at length could unknowingly
trip themselves up with unnecessary details that raise red flags for a mitigator.
The hardship letter should open with a succinct explanation of why the borrower stopped
paying the mortgage. The letter should cite a specific hardship, like a lost job, illness, or
Next, the letter should briefly cite any steps the borrower took to avoid defaulting on their
loan, like cutting household expenses or tapping in to savings.
If the borrower’s financial situation has since improved, or is likely to, borrowers should
mention that as evidence that their hardship was temporary and won’t hamper their
ability to make payments on a modified loan.
Finally, the letter should state exactly what borrowers are applying for. Is the proposed
solution a lower interest rate, for example, or a principal reduction?
Borrowers who are underwater – those who owe more on their mortgage than their
property is worth – may ask their lender to consider a short sale, in which the house is
sold to another buyer for less than the amount owed.
Find the full story of the New York Times article here:
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