Request Short-Sale Agreement from Lender
RE: Mortgage Account - __(Reference Your Name and Account Number)__
I am writing to you today to ask you for consideration of a ‘short sale’ on my revenue property mortgaged under the account mentioned above. As you are aware, the housing market burst in this __(country/state/city/etc.)__, and the subsequent economic downturn have lowered the market value of houses considerably. In keeping with the current housing market conditions, my rental property has now seen a decreased market value of approximately __(% ) less than the original mortgage note on the property. This house has been up for sale now for __(length of time)__ at a price of __($amount)__, which represents the loan amount, with no movement at all.
It is important that I sell the house very soon as the financial burden has become overwhelming to me. Due to the housing market saturation, it has been extraordinary difficult to maintain tenants in this house to cover the costs, so I’m left with no alternative but to sell. I have found that while there is still a pool of home buyers out there, they are all looking to ‘make a deal’ in this saturated marketplace, not willing to pay a penny more than necessary. It has become increasingly clear to me that there will have to be a price reduction of at least __(%)__ on my house in order to move it. Otherwise, I fear a default/foreclosure is imminent under these present conditions.
Although you will currently find my account and credit rating in excellent standing, I’m afraid I will not be able to withstand this financial burden much longer. Therefore, I ask you to view this situation in its harsh reality; as an unforeseen and unrecoverable hardship. Ordinarily, I am more than diligent when it comes to my financial obligations. This situation, however, has caught me completely off guard and is such that it’s now utterly out of my control. I ask you, therefore, for leniency here and request that you consider agreeing to a ‘short sale’ on this property, accepting the market value as the __(mortgage/loan)__ payoff.
Thank you for your consideration of my request. I will remain hopeful of a positive response and look forward to hearing from you soon.