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. 

Can I Sell My Home as a Royal Palm Beach Short Sale?

Can I sell my home as a Royal Palm Beach short sale?

A Royal Palm Beach short sale is not in the cards for every homeowner. You may have heard countless stories about short sales being able to save homeowners’ financial reputations from ruin. While such stories may be true, it cannot unfortunately apply to everyone.

There are various factors that have to be considered before you can successfully apply for a Royal Palm Beach short sale.

Mortgage

In most cases – but not always, mind you – homeowners have an easier time getting lender’s approval for short selling their home when they are already behind on their mortgage payments. Being late with their payments basically underscores the fact that they are no longer able to afford maintaining their home. Furthermore, short selling it may save the lender more money – and time – in the long run instead of having the property subject to court proceedings for foreclosure.

Current Market Value

The current market value of your home basically refers to the average price it would sell in today’s market. In most cases, the present market value of your home is far below than what you have borrowed against it. Even if you were to sell the house successfully, the proceeds still won’t be enough to cover your debt.

With short sales, you – or better yet, your agent – need to prove that the current market value of your home is less than what you owe. You also need to emphasize that it’s of no fault of yours that the market value of your property is currently what it is.

Finances

If you are not yet behind your payments, you may nevertheless be struggling very hard to keep up with it. You can use this as another reason for applying for a short sale. It would help if you can prove as well that your financial situation is dire and that it’s only a matter of time before you do fall behind with your payments.

What Happens When Your Application for a Royal Palm Beach Short Sale Is Approved?

Aside from resulting with much rejoicing and champagne corks flying in the air, the following also takes place once your lender gives the OK for short selling your home.

• Your lender and agent come to an agreement about the amount for your home’s short sale price.
• Your agent looks for a buyer.
• Your agent helps you close the deal.
• Proceeds go to the lender and your loan may be listed as partially or completely paid. Either way, the word “foreclosure” won’t appear in your credit report.

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

What is a Royal Palm Beach Short Sale?

What is a Royal Palm Beach Short Sale?

To cut a long story short, a Royal Palm Beach short sale may be the best solution for struggling homeowners facing possible foreclosure. Although Florida has more forgiving laws on short sales compared to those in California, it does not mean you can hide your head under the sand forever. There comes a time when you have to face reality and tackle your problem straight on if you don’t want to have your entire credit ruined alongside losing your home.

How Does a Royal Palm Beach Short Sale Work?

Homeowners sell their properties – with their lender’s approval – at a price below the amount of their loan balance. Sale proceeds are used as payment for their loan. The rest is either forgiven or may be settled with a new promissory note. Meanwhile, homeowners are able to avoid having foreclosure included in their records.

When Should You Consider a Royal Palm Beach Short Sale?

A Royal Palm Beach short sale is in the cards if the following holds true in your situation:

• You are having difficulties keeping up with mortgage payments and may already be behind
• You owe more money on your house than what it’s currently worth
• You would like to avoid having a foreclosure included in your credit report
• You would not mind selling your home as long as it means reducing – if not eliminating – your debt and saving your credit reputation

If all of these apply in your case, then it’s definitely time to consider short selling your home.

What Should You Do to Get a Royal Palm Beach Short Sale?

Homeowners who have full possession or ownership of their homes don’t need to consult anyone when they want to sell their properties. But if your property is encumbered or mortgaged, then you need to consult your creditor or lender first before making any move regarding the sale of your home.

For short sales, it is typically best to hire a real estate agent to negotiate with your lender on your behalf. Short sales are rather more complex than simple or straightforward sales of real estate properties. If you insist on working on your own, there is very little chance that your lender will give you the green light for short selling your property.

Ultimately, hiring a Royal Palm Beach short sale agent will help you save time, money, and effort.

• You don’t have to lift a finger to find the appropriate buyer for your home. Your agent will do all the marketing. You just have to do what you can to make your home appear sale-able and at its most attractive.
• You don’t need to research about the documents needed for your short sale package. Your agent will give you a list and, if necessary, help you obtain or create the said documents.

Your Royal Palm Beach short sale agent will be with you every step of the way and may act as your buffer against rude creditors and unscrupulous buyers.

Call Nestor Gasset or Katerina Gasset at 561-502-1577 today to get all your Royal Palm Beach short sales questions answered.