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Capital Redevelopment Group - Jeff Coga - Short Sale Hardship Letter Explained

Capital Redevelopment Group - Jeff Coga - Short Sale Hardship Letter Explained

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Published by Jeff Coga
Jeff Coga explains one of the key components to a short sale that many investors, realtors, homeowners, attorneys etc over look. This very important key is the hardship letter.

See how to structure the hardship letter for maximum effect.

If you are looking to sell your home because you owe more than what the house is worth, please contact us at: (800) 279-1283.

Thank You.

Jeff Coga
Capital Redevelopment Group LLC
www.CapitalRedevelopmentGroup.com
www.GetCRGNow.com
Jeff Coga explains one of the key components to a short sale that many investors, realtors, homeowners, attorneys etc over look. This very important key is the hardship letter.

See how to structure the hardship letter for maximum effect.

If you are looking to sell your home because you owe more than what the house is worth, please contact us at: (800) 279-1283.

Thank You.

Jeff Coga
Capital Redevelopment Group LLC
www.CapitalRedevelopmentGroup.com
www.GetCRGNow.com

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Published by: Jeff Coga on Oct 05, 2011
Copyright:Attribution Non-commercial

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12/13/2012

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Copy Right
 © All Rights Reserved |
www.GetCRGNow.cominfo@getcrgnow.com |
ver 1.3
 
Publisher: Jeff Coga
 
 
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Copy Right
 © All Rights Reserved |
www.GetCRGNow.cominfo@getcrgnow.com |
ver 1.3
Copyright Notice
 
All rights reserved. No part of this publication may be reproduced or transmitted in any form orby any means electronic or mechanical. Any unauthorized use, sharing, reproduction, ordistribution is strictly prohibited.
Legal Notice
 
While attempts have been made to verify information provided in this publication, neither theauthor nor the publisher assumes any responsibility for errors, omissions, or contradictoryinformation contained in this document.This document is not intended as legal, investment, or accounting advice. The purchaser orreader of this document assumes all responsibility for the use of these materials andinformation. Capital Redevelopment Group LL and his, hers, their, or its agents, servants,successors, heirs, executors, administrators, and all other persons, corporations, firms,assumes no responsibility or liability whatsoever on behalf of any purchaser or reader of thesematerials. The Content herein is © Copyrighted by Capital Redevelopment Group LLC 2009. AllRights Reserved.
Prepared by: ShortSalesBuyers.com
 
This handout is based upon industry knowledge. Last updated January 13, 2009. While this publication is designed to be accurate and current information, readers should consult an attorney or other expert for advice in particular.
For any questions or concerns please email:info@getcrgnow.com 
 © 2009 www.GetCRGNow.com
 
 
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Copy Right
 © All Rights Reserved |
www.GetCRGNow.cominfo@getcrgnow.com |
ver 1.3
WHAT IS A HARDSHIP LETTER?
A hardship letter is a written explanation as to what “event” has caused you to fall behindon your mortgage and it vital in helping you stop foreclosure.This letter acts much like an outline or biography of your current “life” issues that areaffecting your ability to meet your financial obligations.What is a good format to use? I recommend the five paragraphs, one page essay with abullet list of key points for lenders in a hurry. Begin by stating your current situation in one or twosentences. Then add a sentence that tells the reader when things began to deteriorate, such asa job loss or illness. The final sentence in the first paragraph should contain your desiredoutcome or action: state clearly that you are willing to work out a solution and that you want toretain ownership of the house or property.After the first paragraph, a bullet list can help the reviewer make a quick and accurateassessment. The list should contain typical items used by lenders to make their decisions.Choose one or two reasons for the hardship. Here is a short list of typical reasons:
 
Adjustable Rate Mortgage Reset- Payment Shock (uncommon, but we will see more lenders accept this in the future) 
 
Loss of Job 
 
Illness 
 
Bills 
 
Reduced Income 
 
Divorce 
 
Medical Bills 
 
Too Much Debit 
 
Death of Spouse 
 
Payment Increase 
 
Failed Business 
 
Job Relocation 
 
Damage to Property (natural disaster or unnatural) 
 
Military Service 
 
Incarceration 
 
Other (Please Specify)
The list should also include the amount of the loan and the number of months behind.When you look at this list, remember that some reasons are better than others. If you can, list a

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