How Do I Write My Royal Palm Beach Hardship Letter?

How do I write my Royal Palm Beach hardship letter?

Your Royal Palm Beach hardship letter is one of the most crucial parts of your short sale package. Without this letter, your short sale package won’t be complete and thus unworthy of your lender’s attention. With so many short sale packages landing on the desks of creditors, you can’t really blame them for prioritizing those who have already done their homework and making it as easy as possible for creditors to process short sales.

Write your own Royal Palm Beach hardship letter!

With or without an agent, you need to write a Royal Palm Beach hardship letter on your own. This is very important as your letter is likely to sound more sincere and convincing if you tell your story with your own words.

There’s nothing wrong, however, with asking advice from your agent or any professional editor or writer you know. In fact, you can start getting helpful advice right here and now with the tips below. Hopefully, they will help you short sell your home quickly and for the best price possible.

Don’t ramble.

Rambling is often seen by lenders and bankers as a pure waste of their time. Even if the rest of your Royal Palm Beach short sale package is good, a poorly written hardship letter can still be more than enough reason to have your application junked.

The best way to avoid rambling is to prepare an outline and draft for your letter. Revise them as much as you can before finally composing a letter. Make sure you get your timeline right and keep everything simple and straightforward.

Support your statements with facts and figures.

Sure, saying that you are “stricken with poverty” can tug heartstrings, but you know what? Even if you have the most softhearted creditor, he probably won’t let his emotions rule his head at work. It would be disastrous if he did as he’d end up bankrupting the very company he’s working for by approving all loan and short sale applications.

In most cases, a creditor would look upon your hardship letter as a business proposal of sorts. If an individual who wants to put up a business needs to prove his financial capacity to do so, your hardship letter is usually about proving your financial incapacity to maintain your home or pay for its mortgage.

Even if you are not literally impoverished, it never hurts to emphasize your financial difficulties in your hardship letter. It help sets the wheels in motion and get your application for a Royal Palm Beach short sale approved more quickly.

Call your Royal Palm Beach short sale agents- Nestor Gasset or Katerina Gasset at 561-753-0135 today and get you short sale questions answered!

Should I Just Walk Away from My Royal Palm Beach Home?

Should I just walk away from my Royal Palm Beach home?

Leaving a home that you have grown to love – especially one you have also spent your childhood and most years of your life in – is a heart-wrenching thing to do. But if the threat of foreclosure looms, walking away from your Royal Palm Beach home may be the best solution all around.

Bad Credit

In fact, that’s saying it lightly. Depending on your pre-foreclosure credit score, you could end up getting a below average credit score that will practically cross you from every lender’s book. Worse, foreclosures are not the type of financial transaction that’s easy to wipe out from your record. It will remain there for years to come.

Loan Applications

A pre-foreclosure loan is hard enough to get as it is. Imagine how more difficult it would be if you ended up needing a loan after foreclosure.

You have to understand that foreclosures – no matter the circumstances – are a mark against you. They will not in any way endear you to any private lender or banker. If you do get a loan, rest assured that its interest rates and terms would be a lot more demanding than usual.

Tax Bills

Granted, you won’t pay a penny when your home is subjected to foreclosure proceedings. That’s your lender’s problem. Your problem starts when the next tax period comes along since the amount of debt which has been forgiven is taxable in the eyes of law.

Job Employment

If you do not walk away from your Royal Palm Beach home, then yes there’s a good chance that you will be able to enjoy living in your own home “rent-free”. But all good things come to an end, and your rent-free vacation will end once the court reaches a decision about your case. After that, you would have lost your home for good. With a foreclosure marked against you, it would be more difficult for you to apply successfully for a job.

If, however, you had chosen to walk away – such as by short selling your home – you would have just lost your home a little earlier than expected. On the other hand, you would have avoided having foreclosure marked against you and your job prospects would significantly improve.

When considering the consequences of foreclosure, it’s very important to look at it on the long-term. Don’t allow yourself to dwell too much and too long on what will happen on the short term. If you do, losing your Royal Palm Beach home will probably be the least of your worries.

To find out what your foreclosure options are, contact your Royal Palm Beach short sale agents- Nestor Gasset and Katerina Gasset at 561-753-0135 today.

What Are My Royal Palm Beach Foreclosure Options?

What are my Royal Palm Beach foreclosure options?

If there’s a will, there’s a way, and it’s important to remember that when you are facing the possibility of foreclosure for your home in Royal Palm Beach. Aside from the options you are already aware of having, you should also take the time to do some research as there are other options you may have been unaware of and could present a better solution to your problem.

Option #1: Allow your home in Royal Palm Beach to be foreclosed.

When confronting a problem, it’s always a good thing to have all the facts in the open. It also means acknowledging the worst possible scenario and the consequences that come with it. If you are facing possible foreclosure for your home in Royal Palm Beach, it would mean having your credit score adversely affected – and that kind of record usually takes a number of years to repair.

On the upside, you won’t really need to spend a dime on foreclosure proceedings. You may also be able to enjoy living “rent-free” in your home for months or even a year until the court formally grants your creditor the right to foreclose upon your property.

Option #2: Get a new loan to pay for your mortgage.

This is the best solution for various reasons. Firstly, you get to keep foreclosure agents off your property by paying your mortgage off. Secondly, you get to keep a roof over your head. 

Unfortunately, it’s an option that’s easier said than done. Considering the fact that you’re behind your payments, you will find few creditors willing to extend you a new loan. The only time they’d probably be willing to consider doing so is if you have another – unencumbered – asset to put up as collateral.

Option #3: Apply for a Royal Palm Beach short sale.

Ultimately, this may prove to be the best solution all around.

Read: A Royal Palm Beach Short Sale May Be Your Best Option

A short sale takes place when your home is sold at a price that is lower than the amount of money you have borrowed when mortgaging your home. 

To illustrate, let’s say that your home can be sold today at $500,000.

Unfortunately, your home is mortgaged at $700,000. This, by the way, is made possible by the fact that your home had an inflated value during the time of purchase.

You cannot insist on selling your home for $700,000 because no homeowner in his right mind would pay that price when he can get a similar property for much less. If you sell your home for $500,000, that would still leave you with a $200,000 debt.

With a Royal Palm Beach short sale, however, a creditor may be inclined to accept $500,000 as full payment for your mortgage. The remaining balance will be either waived or you may be given a chance to settle it at a future or indefinite date.

Contact Royal Palm Beach short sale agents- Nestor Gasset and Katerina Gasset at 561- 753-0135 today for your Short Sale help.