Basics to the Short Sale Hardship Letter
The short sale hardship letter is one of the most common questions I get. How do I fill one out? How long does it have to be? What needs to be mentioned in the letter? These are all great questions. Let me share with you the basics of the short sale hardship letter and even give you an example of one.
Those of you familiar with a short sale, you understand that you are building a case to present to the bank. The hardship letter is a key component to building your case and getting your short sale approved. A good hardship letter that is heart felt can literally mean the difference between acceptance and rejection. I may not be as key as the BPO, but it definitely has a great deal of weight when getting these approved. [Read more…] about Short Sale Hardship Letter
Answer: – I’m sorry to hear about your foreclosure in Oregon. I hear this a lot right now as home values in some parts of the country continue to decline. Let me share with you some of the possibilities and consequences you might have as you go through this process. The good news is that you still have a lot of good options since your home hasn’t actually gone through foreclosure yet. Once the home is foreclosed on, there are not a lot of options, so time is key right now. 
The HELOC people have proposed reducing my interest rate from 6.25% to 4% which reduces my payment from about $1,017/mo to about $632/month. Seems like I should sign up, right? 
I decided to go with the short sale thinking that it would be a better option on my credit rating vs. a foreclosure. I had a first and a second mortgage with the same lender (Chase) I purchased the home with an 80/20 loan and during the time that I owned the home I never refinanced or did anything that would have changed the “purchase money” status. The 1st mortgage balance was $320,000 and the 2nd mortgage was $83,000. 
Question: i have a home in Maryland that has been foreclosed I had an 80/20 loan with the 20 being a line of credit. My mortgage company is asking for full amount 50,000 without budging and threatening to garnish my paycheck by taking me to court. Is there any way of stopping or slowing them?