One of the four short sale qualification criteria is to prove the homeowner is experiencing a hardship. A hardship can be the loss of employment, a death in the family, divorce or other life changing event.
To begin a short sale, the real estate agent will prepare a short sale package to present to the lender(s). Included in this package is a Hardship Letter describing the homeowner’s hardship. A qualified real estate agent can help to compose the letter in order to get the point across in a short but precise manner.
This letter is a key component of the short sale package as it helps the lender determine whether the homeowner is worthy of assistance.