Loss Mitigation Department
K BankP.O. Box 429
Owings Mills, MD 21117
To Whom It May Concern:
Re: Request for Short Sale for property at __________
Loan Number: __________
We are writing to request that you work with us to approve the short sale of our property. We have owned this home for nearly _____ years and we very much want to work with you to avoid foreclosure.
The main financial hardship that we have endured was caused by my wife’s medical condition. In _____, my wife was diagnosed with sarcoidosis and chronic obstructive pulmonary disease. This is a challenging and oftentimes life-threatening illness. She was hospitalized from _____ to _____. This accrued a great deal of medical bills and was a quite an emotional blow to both of us. While she returned to work for two weeks in _____ of _____, her condition worsened and we discovered that in
order to maintain stability, she could not work. Accordingly, for her health, she retired on _____, which is _____ years prior to her planned retirement. We are currently dealing with the ramifications of such and struggling to make ends meet.
Our current debt-to-income ratio is _____%, which is clearly not sustainable.
Status of payments/ Ability to pay going forward:
We are current on our mortgage, but we seriously doubt our ability to pay going forward at the current mortgage amount. While this is discouraging, we have meticulously reviewed our budget and cut out all
unnecessary expenses. I have also enrolled in a debt-management program in order to reduce the interest on our credit cards, and we are no longer using them.
Due to loss of income, we are requesting that you work with us to accept the short sale on our property and forgive us the difference between the loan amount and the selling price. We currently have an offer of the house. We are hard-working individuals, and we would really like to rely on this option over foreclosure.
We very much appreciate your consideration of my request. Our contact information is below. Please let us know what further information you need and we will promptly provide it.
Thank you very much for your time.
1. IRS 4506-T
2. 2 months of recent paystubs
3. Most recent tax return
4. Monthly housing & loan obligations
5. Sale offer on property