Why You Need a Sample Short Sale Letter
The following Sample Cover Letter is just an example of the basic message and information you need to convey to your lender to convince them to grant permission for a Short Sale. You should make any changes that more accurately reflect your situation or use language you feel more comfortable with. Although we recommend that you work with an experienced realtor to help with your short sale, this letter can be used alone or in conjunction with your Realtor.
If possible, try to secure a buyer before contacting the bank and get as much detail as possible on the value of your home to convince your lender that you truly do have an Underwater Mortgage. Then use this Sample Cover Letter or something similar together with a Financial Hardship Letter and your underwater mortgage information and cross your fingers. Tips to Get Your Short Sale Approved
*You will also need the Sample Short Sale Hardship Letter
Sample Short Sale Cover Letter
123 Main Street
City, State, Zip Code
Re: Property Address: Loan Number:
To Whom It May Concern:
We are the borrowers on the above-referenced loan. As a result of deteriorating economic conditions both personally and nationwide, we’ve been forced to dramatically alter our plans to avoid financial catastrophe. As a result, we have no option but to pursue a short sale of our property and [we’re currently looking for a buyer to purchase our home] OR [we’ve located a buyer willing to purchase our home for $_____] and need your approval to move forward.
To support the request to sell our home for less than the loan amount, we’ve attached a financial hardship letter summarizing our overall economic condition and how we got there. We’ve also spoken with several realtors and conducted online research to determine the value of our home. Unfortunately, we’ve confirmed that our mortgage is significantly underwater and that the amount of the loan is much more than we could ever sell our home for.
In fact our loan is so far underwater that it will likely be years before it regains its prior value. [BRIEFLY EXPLAIN YOUR UNDERWATER MORTGAGE EVIDENCE HERE]
After evaluating all of our foreclosure alternatives, we’ve concluded that the only way to salvage and protect our financial future is through a short sale. This option – including agreement to waive any resulting deficiency balance – allows us to work together and get on with our lives while avoiding the time and expense of a foreclosure lawsuit for the bank with little or nothing to gain.
As you know, time is of the essence so please contact me as soon as possible to confirm your approval or let us know if you need any additional information for the confirmation of our request.
Thanks in advance for your anticipated cooperation.