Chicago Illinois Sample Letter for Short Sale Request to Lender

• Category: Real Estate - Foreclosures
• State: Multi-State
• City: Chicago
• Control #: US-FORECL-08
• Format: Word; Rich Text

Description

This is a sample letter that may be sent to a lender to prevent foreclosure by requesting their agreement to a short sale. The letter may be customized to suit your needs. [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Lender's Name] [Lender's Address] [City, State, ZIP] Subject: Request for Short Sale Approval for Property in Chicago, Illinois Dear [Recipient's Name], I hope this letter finds you well. I am writing to formally request your kind consideration and approval for a short sale of my property located in Chicago, Illinois. Property Details: Address: [Property Address] City: Chicago State: Illinois ZIP: [Property ZIP] Due to unforeseen circumstances, such as financial hardship, job loss, and other extenuating factors, I am no longer able to sustain the mortgage payments on my property. After seeking professional advice and exploring various options, a short sale appears to be the most viable solution to avoid foreclosure. I have made earnest efforts to make the necessary repairs and renovations, hoping to improve the property's market value. However, the declining real estate market in Chicago, combined with limited buyer interest, has hindered my ability to sell the property at a price sufficient to cover the outstanding mortgage balance. In order to initiate the short sale process, I have gathered and included the following documentation for your review: 1. Hardship Letter: A detailed explanation of the financial challenges I am facing and the reasons for requesting a short sale. 2. Financial Statements: Copies of my bank statements, pay stubs, or other relevant financial documents to support my financial hardship claims. 3. Comparative Market Analysis (CMA): A professional evaluation of similar properties in the area to justify the requested sale price. 4. Broker Price Opinion (BPO): An independent assessment of the property's current market value to assist in making an informed decision. 5. Signed Purchase Agreement: A copy of the purchase agreement received from a potential buyer interested in purchasing the property as part of the short sale process. I understand that a short sale requires the mortgage lender's approval and cooperation. I kindly request that you review the provided documentation and consider the short sale as a resolution, saving both parties from the consequences of a foreclosure. Chicago's real estate market is highly competitive, and a short sale would allow for a faster and more agreeable resolution, benefiting all parties involved. I am committed to fully cooperating with the short sale process and providing any additional documentation or information required promptly. Should you require further financial information or have any questions, please do not hesitate to contact me using the contact details provided above. I greatly appreciate your attention to this matter and sincerely hope for a positive response from you. Thank you for considering my request. I look forward to working together to find a solution that will enable a smooth and mutually beneficial resolution. Yours sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Lender's Name] [Lender's Address] [City, State, ZIP] Subject: Request for Short Sale Approval for Property in Chicago, Illinois Dear [Recipient's Name], I hope this letter finds you well. I am writing to formally request your kind consideration and approval for a short sale of my property located in Chicago, Illinois. Property Details: Address: [Property Address] City: Chicago State: Illinois ZIP: [Property ZIP] Due to unforeseen circumstances, such as financial hardship, job loss, and other extenuating factors, I am no longer able to sustain the mortgage payments on my property. After seeking professional advice and exploring various options, a short sale appears to be the most viable solution to avoid foreclosure. I have made earnest efforts to make the necessary repairs and renovations, hoping to improve the property's market value. However, the declining real estate market in Chicago, combined with limited buyer interest, has hindered my ability to sell the property at a price sufficient to cover the outstanding mortgage balance. In order to initiate the short sale process, I have gathered and included the following documentation for your review: 1. Hardship Letter: A detailed explanation of the financial challenges I am facing and the reasons for requesting a short sale. 2. Financial Statements: Copies of my bank statements, pay stubs, or other relevant financial documents to support my financial hardship claims. 3. Comparative Market Analysis (CMA): A professional evaluation of similar properties in the area to justify the requested sale price. 4. Broker Price Opinion (BPO): An independent assessment of the property's current market value to assist in making an informed decision. 5. Signed Purchase Agreement: A copy of the purchase agreement received from a potential buyer interested in purchasing the property as part of the short sale process. I understand that a short sale requires the mortgage lender's approval and cooperation. I kindly request that you review the provided documentation and consider the short sale as a resolution, saving both parties from the consequences of a foreclosure. Chicago's real estate market is highly competitive, and a short sale would allow for a faster and more agreeable resolution, benefiting all parties involved. I am committed to fully cooperating with the short sale process and providing any additional documentation or information required promptly. Should you require further financial information or have any questions, please do not hesitate to contact me using the contact details provided above. I greatly appreciate your attention to this matter and sincerely hope for a positive response from you. Thank you for considering my request. I look forward to working together to find a solution that will enable a smooth and mutually beneficial resolution. Yours sincerely, [Your Name]