Letter of Hardship Example
Lots of people get stuck on the letter of hardship, thinking that they need to write a four page sob story explaining how difficult their lives have become financially.
What The Banks Really Care About
The banks don’t care that your Aunt was just diagnosed with cancer. They don’t care that you just lost your job as a high paid executive and had to start delivering pizza. They aren’t interested in the details and drama surrounding the circumstances in your life. What they want to see is that you’re willing to follow their guidelines by submitting the documents that they requires.
In the end, the bank is concerned with only two things, 1) the market value of the home, and 2) the amount of the offer. There are no other important factors. Remember, banks are in the “Bottom Line” business, where every decision they make is about how much money they can salvage.