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~ Hardship Package for a Short Sale | Las Vegas Short Sale Agent | Keller Williams ~

 Las Vegas Short Sale Specialist, The Hardship Package - 702.482.7739 - http://www.ShortsaleinNevada.com - When Ready to sell your Las Vegas Home - if you owe more than the mortgage, we can help. Call us to discuss short sale options. Las Vegas Short Sale Specialists with Keller Williams Realty Las Vegas. If you are looking to buy, feel free to use our Online Nevada MLS search and Property Finder at http://www.ForSaleByBallen.com - It's FREE and Online NOW

The Hardship Letter
The central document in the Short Sale package that will be submitted to the mortgage lenders that will be taking a loss in the Hardship Letter. The Hardship Letter provides the homeowner with an opportunity to state their case as to why they can no longer afford to make their mortgage payment.

The Hardship Letter should be any honest, heartfelt statement outlining the circumstances that have created the problem. It should include these components:
1. A brief apology for having to ask the lender to take a loss.
2. A description of the steps the homeowner has taken (used credit cards, borrowed from family, borrowed from retirement accounts) to stay current on the mortgage.
3. A clear statement that the homeowner has extended all available options to stay current on the mortgage and that a Short Sale is the only remaining option, other than foreclosure.

While it is important for the homeowner to provide a complete picture of their hardship, it is also important to avoid a letter that is excessively long. In order to get a loss mitigator to understand the hardship, the loss mitigator needs to read the letter and connect with the writer. Limit the letter to a manageable length. If possible, attach to the Hardship Letter any documents, receipts or notices that support the homeowners hardship.
Examples:

• Layoff notice
• Letter from employer outlining a reduction in pay or a reduction in hours
• Cancellation notices for medical insurance or auto insurance due to non payment
• Delinquency notices from creditors and/or services and utility providers
• Letters from doctors regarding injury or illness
• Disability benefits letter
• Divorce or separation papers 
• Receipt for excessive payments for medication or emergency payments 
• Any documents supporting a family crisis hardship

 

Borrower Hardship Letter Example #1

 

I am unable to keep current with my mortgage due to divorce. I am receiving no financial support from my husband and I have been a homemaker for the past 12 years. I am employed, but because of my lack of skills, I am unable to earn much more than minimum wage. I have two children at home ages 7 and 9. With the cost of daycare and my other obligations, there is just no way to make the mortgage payment. I have used up any available credit just to keep food on the table. I cannot keep up my home and must sell it. The real estate market is such that I owe more than my home is worth. My only other option would be to file bankruptcy. I am an honest, hardworking person and it is devastating for me to find myself in this awful position. I would deeply appreciate any help you can offer.

Sincerely,
 Borrower Hardship Letter Example #2
My wife has recently suffered a devastating illness. She is unable to continue working and it may be years before she is well enough to work. She has been the primary wage earner in our family for the past 10 years. My income cannot come close to covering our monthly expenses. We find ourselves deeper in debt every month with no relief in the foreseeable future. I have sold our second car and anything else we do not absolutely need. Our home is large and the minimum monthly expenses for the upkeep, electricity, gas, etc. are very high. Our only hope at this time is to sell our home. Unfortunately, if we sell our home in the present slow real estate market, we will be upside down about $30,000.00. Our only other alternative is bankruptcy. We would appreciate any help you are able to provide.
 Sincerely,
 Borrower Hardship Letter Example #3
As a result of upward adjustments to our monthly mortgage payment, my wife and I are unable to afford our mortgage. As I sit here today it’s not clear to me how I ever thought that we could afford the mortgage once payments started adjusting. I wish my loan officer would have explained to us where our monthly payments were going to be when they adjusted. We have borrowed money from family and we have taken cash advances on credit cards, but we are falling further and further behind with no real hope of affording the payment. At this point, we can’t do it any longer. Both my wife and I are very sorry that this has happened. We are losing our dream house, and we know you are losing too. We just don’t have any other options. Please work with us on a Short Sale. We don’t want to go through foreclosure, but if we can’t do a Short Sale, we will not be able to avoid it. Thank you for your consideration.
 Sincerely,
  

 

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 702.482.7739 - http://www.ShortsaleinNevada.com - When Ready to sell your Las Vegas Home - if you owe more than the mortgage, we can help. Call us to discussshort sale options. Las Vegas Short Sale Specialists with Keller Williams Realty Las Vegas. If you are looking to buy, feel free to use our Online Nevada MLS search and Property Finder at http://www.ForSaleByBallen.com - It's FREE and Online NOW.

Yes, We are seeing a lot of Short Sales in today's Las Vegas Real Estate Market. It is happening to your friends, your family, and maybe even you. Your home is not worth what it used to be. Las Vegas Short Sale Professionals are now calling it being “upside-down” in which you owe more on the mortgage than the house is now worth. If you can hang on through the slow market, great. If not -you may want to consider a Las Vegas Short Sale to avoid a foreclosure situation. A short sale is when the house or property is worth less than what is due on the mortgage. The bank (note holder) takes the loss, but not a such as a foreclosure process. A Nevada short sale is not always the best option for everyone. You need expert Las Vegas real estate short sale expert advice to decide on the pros and cons of a real estate short sale in Nevada. If you are even thinking of short selling your property, here are some positives and negatives to consider:

 

Positive

• Avoid Foreclosure – Foreclosures can be a very hard and stressful process for everyone. It might take anywhere from six to twelve months even for a foreclosure to complete.
• Being proactive – Facing your Las Vegas foreclosure will help give you some control over the process. By choosing a short sale, finding a buyer and negotiating terms with the bank, the huge effect on your credit score by a foreclosure can be dodged.
• Start over faster – Minimizing damage to your credit score can help you get back on your credit feet faster. You’ll be eligible to purchase another house faster than if you entered foreclosure according to major lenders.
• You might not owe anything after the Short Sale – Your agent can try asking the bank to cancel your debt altogether. It does happen, but not all the time.
• You won't need to pay large monthly mortgage payments
• The bank may forgive the difference in debt between what you owe and the final price.
• You can avoid the time consuming and traumatic foreclosure proceedings.
• Your credit score will usually recover more quickly than a foreclosure
• You are more likely to avoid bankruptcy
• You may not be taxed on the debt forgiven.
• If you are not able to pay the mortgage premium, or work with the lender on getting a loan modification, a short sale is probably the way to go…even though it means losing your home and investment.

Negative

• There will be damage to your credit – When a short sale is completed, it is still recorded on your credit but should have a lesser impact as a foreclosure for most creditors. Although lenders will consider a short sale similar to a foreclosure, The chances of getting a home loan will still be slim for a bit.
• Tax Consequences – Talk to your accountant to see if you qualify for the Mortgage Forgiveness Debt Relief Act of 2007, no taxes are owed on the forgiven debt.
• Bank Could Demand a note or some payment – The bank is not forced to forgive the debt. They may ask you to pay them back for the difference on the sale and what is owed on the mortgage, but you’ll need to agree to this.
• The mortgage holder/lender does not have to say yes to a short sale
• You must prove a hardship that prevents you from making your payments.
• A short sale is not short. The time depends on how quickly you and your agent put together the hardship package, and how quickly the lender reacts
• Lenders are known for taking a while to approve short sales.
• If your home has liens, each lien holder/lender must be consulted.
• The successful transaction depends on a good offer from a good buyer.
• The real estate agents involved will usually get a smaller commission.
• You may be asked to sign a promissory note for the debt forgiveness for approval .
• Lenders may seek repayment of the debt forgiven after the short sale is completed.
• Your credit score is going to take a hard hit. Consult tax and legal advice.
• You could be taxed. Consult a tax professional.

There are no promises or guarantees in a Las Vegas short sale whether the lender(s) will approve the short sale or forgive your debt, but Short Sales offer an alternative to the damaging effects of a Nevada foreclosure. A short sale is a complicated process for all parties involved. There are so many details involved (more than what the average homeowner is aware of). Make sure to consult a Las Vegas Short Sale Specialist with a proven history of success with short sales. For help with your Las Vegas Real Estate, Equity or Negative Equity - Contact Richard Ballen, (of The Ballen Group) - The Wizard of Real Estate. Richard will work Magic with your Las Vegas Short Sale, Henderson Short Sale, or North Las Vegas Short Sale. RICHARD GET'S THE DEAL DONE!

 

The Ballen Group
Las Vegas Short Sale Specialists
3100 S. Durango #106 (At Desert Inn)
Las Vegas, NV 89117
702-482-7739

Las Vegas Short Sale Specialists
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KWLV.........The 3D Experience. Determined, Dedicated, Driven @Desert Inn and Durango - Click the link below to find out more about Keller Williams Realty Careers.

Zip Codes Served: 89101,89102,89103,89104,89106,89107,89108,89109,89110,89111,89112,89113,89114,89115,89116,89117,89118,89119,89120,89121,
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702-604-7739 - http://www.BallenGroupHomes.com - Las Vegas Real Estate Agent Team with Keller Williams 

The Ballen Group http://www.BallenGroupHomes.com  702-604-7739 (Office) Keller Williams Realty 3100 S Durango Drive, Suite 106 Las Vegas, NV 89117	Whether selling your current Las Vegas property to move into your dream home, or buying for the very first time, the Las Vegas real estate agent (or team) that you choose to work with will greatly impact your experience - and the results. We've been lucky enough to share this very personal process with many home buyers, and as a result, they have become lifetime clients, and friends! Your experience with a real estate agent in Nevada should be no different! We make it our mission to take as much of the stress off of our clients as possible - leaving them to enjoy the excitement of the process! And, we deliver great results. If you or someone you know is thinking of making a move to Las Vegas (or in Las Vegas), we would be happy to help. We look forward to working together and helping you make your real estate dreams a reality! As a team of experienced Nevada real estate agents, We have the distinct pleasure of helping people make their dreams come true. Oh, and by the way, If you know of someone who needs to sell their home, but owes more than fair market value will bring in for the property, we might be able to help them do a short sale rather than face foreclosure. Sincerely, The Ballen Group
Each Office is Independently Owned and Operated.

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~ Las Vegas is on SALE and NOW is time to buy. Call The Ballen Group at 702-604-7739 right now to get started on your home search and determine your Purchase Power. We have lenders tanding by to work with you if you need financing for your home purchase. Spend some time shopping online at http://www.BallenGroupHomes.com where you can search homes JUST LIKE A REALTOR. Search for Las Vegas Foreclosures and Las Vegas Short Sales or avoid them both. Enter your criteria and receive new listings in your IN BOX before the rest of the world has a chance! Start with Us.

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Internet Lead Generation for Las Vegas Real Estate Agents. Internet Marketing and Short Sale Specialist, Lori Ballen will be sharing secrets to generating hundreds of leads per month using the Web. No Cold Calling.  RSVP HERE

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The Ballen Group - Las Vegas homes for Sale - Keller Williams

702-604-7739 - The Ballen Group - Las Vegas homes for Sale - Keller Williams Las Vegas Real Estate Listing Updates from The Ballen Group - Las Vegas Homes for Sale Dear Home Buyer, Please let us know if there is anything we can do to help you while searching for yourNevada Real Estate. Many of our Las Vegas, Henderson, and North Las Vegas neighborhoods vary in details including lot sizes, recreational facilities, school districts, taxing districts and other facts that may be important to you. We are only a text, e-mail or phone call away. Working together, we make sure that you make the right move. And if you have not already done so, feel free to search the MLS Live Now, OR set up a FREE Home Listingalert that will send properties directly to your in box that match YOUR specific criteria requests. Richard and Lori Ballen Contact The Ballen Group today to get help from an agent that specializes in your area. The Ballen Group Las Vegas Short Sale Specialists 3100 S. Durango #106 (At Desert Inn) Las Vegas, NV 89117 (702) 604-7739 Las Vegas Short Sale Specialists View Listings View Blog   KWLV.........The 3D Experience. Determined, Dedicated, Driven @Desert Inn and Durango - Click the link below to find out more about Keller Williams Realty Careers. If you like anything you see, don't hesitate to call with your questions. The Ballen Group Keller Williams Realty Las Vegas Office phone: 7026047739 Website:http://www.BallenGroupHomes.com

Each Office Independently Owned and Operated

The Ballen Group - Licensee Richard Ballen Wekerle and Lori Wekerle
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Zip Codes Served: 89101,89102,89103,89104,89106,89107,89108,89109,89110,89111,89112,89113,89114,89115,

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