Seller's Hardship Letter
The goal of the hardship letter is to have the seller explain their situation to the bank. The hardship letter should communicate three key points:
- "I'm sorry"
- 'Here are my circumstances, such as job loss, medical issues, divorce, health issues, damage to the property not covered by insurance, and etc."
- "I have exhausted all of my options and the only next step is letting the property go to foreclosure."
As with the proposal letter, the hardship letter should be kept to one page. It should be clear, concise, easy to read and verifiable.