In order for a bank to approve a short sale offer, a properly filled out short-sale package must include a hardship letter and finacial staement?

Asked by David Cooper, Los Angeles, CA Thu Jul 14, 2011

Can an underwater owner have a short sale package submitted to a bank with an offer and not have a hardship letter

Help the community by answering this question:

+ web reference
Web reference:


Pacita Dimac…, Agent, Oakland, CA
Tue Jul 19, 2011
Haven't run into a short sale lender yet who didn't ask for some kind of letter explaining what the borrower's reasons are for attempting a short sale.

The hardship letter is practically the easiest document to prepare. So why shouldn't the applicant write one?

The short sale package isn't complete without it.
0 votes
David Cooper, Agent, Los Angeles, CA
Fri Jul 15, 2011
If the underwater seller is an investor with no hardship, then the chances of getting a short sale approval from the bank is zero. . I have seen many responses that suggest the remedy for any problem real estate is a "short sale"
So if someone asks on Trulia if they can have a short sale, the realistic response is to ask if they can prove a hardship

DAVID COOPER Foreclosure Specialist with 35 Years Investing Experience in Las Vegas. For a Free List
of Bargain Homes, see website or Call +1-702-499-7037
0 votes
Laura Jaureg…, , Chino Hills, CA
Thu Jul 14, 2011
Yes, a hardship letter will be required. In addition you will need the last two bank statements, checking and saving (if applicable), last two paychecks, last two tax returns, last two statements for any other accounts including IRA and a finacial worksheet. You can visit for further assistance.
0 votes
June Stark, Agent, Las Vegas, NV
Thu Jul 14, 2011
I have not had one approved without one. It can be brief and to the point.
0 votes
Mark Fleysher, Agent, Las Vegas, NV
Thu Jul 14, 2011
Hi David,

Do you need help with a short sale? If so, Sue Tonic is AMAZING at short sales:

Sue Tonic
(702) 400-3881
0 votes
Eli Givoni-S…, , Boca Raton, FL
Thu Jul 14, 2011
Hi David,

Yes, a hardship letter and a financial statement are both part of the required short sale documents. If you're not having a hardship, we can still likely short sale your property. Feel free to give us a call and we would be happy to explain the process to you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes
Suzie Marqua…, Agent, Las Vegas, NV
Thu Jul 14, 2011
David Cooper
I am sure you can submit a short sale package and offer without a hardship letter. You could wait to see if the negotiator requests it. When they do you have just slowed down your file. Thinking back on the files we have submitted and closed, I can't think of one that did not require a hardship letter. The guide lines are always changing. We have recently heard that B of A is not going to start the file over when the buyer has changed. I like the sound of that. Lets see if it is real.
Thank You
Suzie Marquardt
0 votes
Edgar Theisen, , 89107
Thu Jul 14, 2011
I am sure you won't like to hear this, however A Hardship Letter is required.
0 votes
Marie Sestile, , Las Vegas, NV
Thu Jul 14, 2011
Every lender has their own requirements to consider a short sale. I have heard that some are no longer requiring a hardship letter. However, every short sale I've negotiated has required a hardship so far.

So the seller's lienholder(s) will dictate what their requirements are.

Best regards,
Marie Sestile, CDPE
0 votes
Ann Griffin, Agent, Mesa, AZ
Thu Jul 14, 2011
No, sorry it won't work this way. The hardship letter is a must. Good luck!
0 votes
Paul May, , Las Vegas, NV
Thu Jul 14, 2011
A hardship letter is typically a required piece of information that the short sale negotiators require---
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more