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Loss Mitigation Hardship Letter

A short sale hardship letter is the most important part of the short sales application. Short sale hardship letters are the key to getting approval by the mortgage lender. Applications are accepted or rejected by a Loss Mitigator who works for the lender to try to stop foreclosure. A lender might be looking at stacks of distress letters from other homeowners. Your short sale hardship letter needs to stand out and touch them without crossing the line into being overly emotional.

A short sale can be the answer to the prayers of a homeowner facing foreclosure. It is an agreement from the lender to accept an offer on the house for less than what is owed on the mortgage note. Wonder why a lender would agree to absorb the mortgage loss? With the market value of so many homes plummeting, too many homeowners default on loans and home mortgages and let homes be foreclosed. These sales will keep a foreclosure from ruining your credit for years to come. Knowing how to write a short sale hardship letter can be the difference between bankruptcy and financial stability.

Only one out of ten applications is approved by banks. Each bank has different procedures. If the proper forms aren't submitted, or the short sale hardship letter isn't compelling enough, it will be denied.

It might be approved, but with a Deficiency Judgment. A Deficiency Judgment forces the homeowner to pay the difference between the shorted amount and the actual loan. You could end up with no house and owe thousands.

You can hire someone to write a short sale hardship letter for hundreds of dollars. You can even attend lengthy, expensive seminars to learn how to write one yourself. Here's something they don't want you to know; you can learn how to write your short sale hardship letter for a lot less.

Go to ShortSaleHardshipLetter.com. All the information you need is available in a simple step-by-step ebook. This book has insider secrets to getting your short sale hardship letter approved by the mortgage company.

Did you know the type of paper used and ink color can influence the lender? Or approval of you short sale hardship letter is more likely on certain days of the week? There are so many variables that can make or break your letter. Learn how to get approved by using tricks of the trade we've learned after analyzing thousands of approved short sale hardship letters.

The Short Sale Hardship Letter ebook is updated regularly to ensure that it contains the most accurate information. It's only available for a limited time before being removed for revisions. You can't afford to wait months for the next version to be released. Buy it now.

A short sale hardship letter is the one chance to gain relief from your lender. A good short sale hardship letter can save your credit and financial future by stopping foreclosure. Don't lose another nights sleep stressing over your home mortgage note. Order this ebook now and put an end to your financial nightmare.

About the Author:

Simon Volkov short sale real estate investor provides tips and tricks about how to write a short sale hardship letter that works. After many years of doing short sales and working with the banks loss Mitigators he found the formula of success to increase the acceptance of your hardship letter.

Source - Short Sale Hardship Letter - Expert Advice

Hardship Letters: Do They Still Matter for Mortgage Loan Mods and Short Sales?

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Does Loss Mitigation Work

Question: Washington Mutual Loss Mitigation Department?

Does anyone have this number ?? I live in Texas??
Im desperate, all I can find is 1-800 numbers that lead me nowhere! Im so frustrated!

Answer: Try contacting Wendy Knafelc at Washington Mutual Loss Mitigation: (904) 732-8425 -- [email protected]

loss mitigation

Loss Mitigation Workout

The process of negotiating a workout for a mortgage you can no longer afford can be frightful. Plenty of friends and relatives are great at giving bad advice. So why is this all so stressful? Lots of reasons: it's a slow process, requiring extensive documentation, which you may be asked to submit repeatedly, to more than one place, and, during much of the process, aggressive collection attempts are still be made by other parts of the mortgage companies. Some things that will help you manage the stress are keeping these expectations, or expect the expected.

1. Even though you may be knee deep in the paperwork process of a loan modification or short sale brace yourself for your mortgage company to NOT let up on collection activity. Why? Because mortgage companies are usually huge organizations, spread across many locations, and don't expect one department communicates with another. Often, until a negotiator is assigned to your request for loan modification or short sale, mortgage collection activities may continue, often daily. Remember the people placing these calls are trained to make you feel bad. See the documentary Maxed Out and you may come to understand that it is not personal, it's not about you.

2. When collection calls come in, remember you everything you said is being recorded and, as they are required by federal law to inform you, any information you give can be used by them to attempt to collect a debt. So less is more. State to them polite, but firm voice that you are in a loan modification with loss mitigation department, date you started, remember to stay polite, but firm?," or say to you ("This may be reported to a credit bureau,"), remain polite, but firm. "That information is in my loan modification/loss mitigation application."." Or, "thank you for your time.This alerts them that your making them aware you are in loss mitigation process. Remember they are most likely following scripts, and your loss mitigation updates are not on their scripts, so they will be stressed, and may even hang up on you. They will not be polite or friendly. It's not their job. Their job is to say whatever they think will bring money to bring your loan back up-to-date, or bring your loan "current" as they like to term it.

3. When your loss mitigation specialist calls understand they are swamped with other homeowners such as yourself and are just trying to process their workload as quick as possible. One real estate agent was told an office that used to get 20 applications a month, now gets 3500. That's a jolt for any company. So don't say anything that might land you at the bottom of the every heaping stacks of paper. Remember to always remain calm and polite with loss mitigations staff, no matter how many times they ask you to resubmit paperwork, even if you have a receipt that your documents arrived at their mortgage company weeks and weeks ago, even if you have the name of the company employee that signed for it. You may go ahead and let them know you did submit it but are delighted to provide another copy. If you financed the entire mortgage and have 2 loans, be prepared to ride the document merry-go-round. Most will ask you to use telefax as it is secure, email is not. Remember, if you get a name of a person, direct number hold on to that information because it's worth it's weight in gold. Get an actual email address and you'll probably hear game show style bells and buzzers going off in celebration.

About the Author:

Jenny Martin is an experienced writer who regularly contributes to www.stopbanksforeclosuretip.com/free_report Blog, a site designed to empower homeowners facing loss mitigation and shows them how both they and the bank can win.

Article Source: ArticlesBase.com - The Document Merry-go-round of Loss Mitigation When Preventing Foreclosure

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