Short Sale Problems with Bank of America? Make sure your realtor knows where to send your short sale paperwork!

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The below new YouTube video from Eric Edelman of Century 21 explains why it’s very important to get a good short sale expert to process your paperwork.

Have you seen short sale market times of 500 days? If your realtor can’t get a short sale done in 500 days, they shouldn’t be doing it.

If you’re a seller, Google “short sale expert” and find out who’s doing it correctly, he says. Don’t just hire a friend or friend of a friend, find a real short

Eric Edelman with Century 21 Realty gives more advice, so subscribe to his YouTube channel if you want.

He speaks of a guy asking him, “Am I supposed to upload the offering through this thing called Equator?”

You don’t fax Bank of America anything, you upload it through this system called Equator, he says, thinking, You had a short sale offer for two weeks and you didn’t know to upload it through the Equator system?

You’re working with clients that need help immediately to prevent foreclosure — and some agents don’t know where to send the short sale paperwork.

Watch his video about getting your Bank of America (or any financial institution’s short sale) done timely and correctly:

The description of the YouTube video reads as follows:

Wrong! Be very careful who you pick to handle your short sale.

Just because an agent says they have experience or has taken some classes, doesn’t mean they are up-to-date on how to handle your short sale.

When you hire a Realtor to handle your short sale, you are trusting that person to keep your home from being foreclosed.

If your agent isn’t 100% competent, you could be taking huge chances with your family’s financial future.

It’s tagged as follows:
“San Diego Short Sale” “San Diego Short Sales” “San Diego short sale expert” “rancho bernardo homes for sale” “san diego homes for sale” “Eric Edelman” “avoid foreclosure” foreclosure avoidance..

Hardship letter sample for short sale

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Finally, after searching through a bunch of websites promising short sale hardship letter samples, only to be met with ebooks and packages for sell, I found some free hardship letter samples that I hope work.

First of all, Tni LeBlanc, a realtor broker and attorney advises the type of information that should be included in the short sale hardship letter.

She says that most of the hardship short sale letters that she processes are 1-page long!

So they don’t need to be an epic battle, I think they just need to be honest, get to the crux of what happened and why you can’t afford your home any more, and other pertinent financial details — with back-up proof.

Short Sale Sample Hardship Letter

If I had to advise my friends on writing a short sale letter as they go through the actual process, I’d tell them to be honest about going through a divorce, and how that negatively impaced their finances and their ability to continue to pay the mortgage whilst one of them lives in a separate apartment.

Another foreclosed dreams website offers a hardship letter sample specifically for short sales that’s pretty short and to the point.

The way to write a short sale letter varies, if you research differing opinions online from those in the business.

One guy says that banks have their own short sale forms that you just fill in the blanks, another place shows a short hardship letter sample and advises that the letter be handwritten. What? Not typed?

The important thing to note seems to be not to drone on and on about what happened, but make it heartfelt, factual, and with plenty of supporting data that shows the actual numbers and financial details.

And pray, pray, pray that they accept it!

I see lots of people Google “Bank of America short sale approval letter” and that’s how I found this YouTube video:

Not only do people Google info about the hardship letter for their short sale, they also look for help and samples online — plus the type of language to write in short sale approval letters.

Hopefully all these free samples will help make the process easier.

Please leave a comment with information about how these samples helped you get your short sale approved, so it will help others going through the process.

How Does a Short Sale Affect My Credit?

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According to Google, over 1,000 people per month type in questions regarding short sales and their credit reports and ratings, asking things like:

Do short sales hurt your credit?

or

How Does a Short Sale Affect My Credit?

According to Mike Watson, a Real Estate Agent at Keller Williams Realty, in Chula Vista, a short sale isn’t as hard on credit as a foreclosure:

“Be happy you have a short sale on your credit. That usually affects you for 2-3 years. A foreclosure will usually affect your credit for 5-7 years,” he wrote.

It seems as though a short sale has a differing affect on credit:

A short sale will negatively affect your credit, but not nearly as much as a foreclosure or deed-in-lieu ~ read this entire article for details on each alternative, writes The Debt Kid.

It can be a good option for some folks considering a short sale, but it’s not the miracle cure for all homeowners looking to get out from under their mortgage, says Credit Sesame.

So if you’re concerned about how your short sale will affect your credit rating, read all the varying opinions about short sales and credit affects and ratings to understand what you may be getting into first.