Hello all - I am despirately in need of your help. My family MUST move from our area and we are trying to short sale. The area we live in is not at all what we were hoping to raise children in and when we bought 7 years ago we just got married and weren't even thinking about kids. Needless to say, we now have 3 kids and are totally trapped in our seriously upside down mortgage.
We tried to short sale 2 years ago, but were told that we were denied b/c we were current on our payments. I have been told that we can get it approved and be current but so much has to do with our hardship letter. I need serious help to get this approved this time. I just drafted a letter, but am not convinced it's enough to get it approved - we have Bank of America and I've been told that they are notoriously difficult to get them approved without defaulting.
Anyone with advice please, please help!!! Thank you soooo much!!!!
Here is my first draft....
Since the beginning of February we are experiencing financial difficulties due to a reduction in hours at my primary employer from 40 hours a week to 26 hours per week and a 31% reduction in the reimbursement rate for my secondary income. Both of these factors have drastically decreased our family’s monthly income. Additionally, beginning in May due to the birth of our third child, daycare costs will more than double from 1700.00 per month to 2500.00 per month.
We have been current on our payments, but after analyzing our family’s current financial situation, including current expenses, the recent loss of income, and the upcoming significant increase in childcare, we can no longer afford to meet the original terms of the agreement. In the last couple of years, our home has lost about 34% of its value making it impossible to refinance, since the equity we once had is now gone. We have no choice but to ask you for your help on avoiding the impending foreclosure of our family’s home.
We love our house, but know that our financial situation cannot sustain our current home mortgage. We want to sell the home, avoid foreclosure, and salvage our credit so that we are able to continue to provide for our family. We know that a foreclosure will stay on our record and will affect us for years to come and we are asking that you please assist us in avoiding this.
Please accept this offer as payment in full. We respectfully request that this short sale be approved, otherwise, we will have no choice but to foreclose on our home. We just want to move on as quickly as possible and be able to securely provide for our family.
We deeply appreciate your help and understanding in this matter.