Picture
Many people think a hardship is mainly based on financial matters and that is not necessarily the case. Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship. One thing that the bank doesn't want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the amount the owner paid for it.

Being upside-down is one of the qualifications for a short sale but a bank may not grant a short sale solely on that basis. If your life looks unchanged since you took the loan, the bank might say you can afford to stay in your home at your present payment level. If your situation has changed, here are some examples that may qualify for a hardship:

  • Unemployment
  • Reduced income - examples are furloughs, a new job, a partner's loss of a job, or a pay cut
  • Illness or medical emergency
  • A job transfer (voluntary or involuntary)
  • Divorce, separation or marital difficulties
  • Exotic mortgage terms - an adjustable-rate loan that adjusts and you cannot afford the new payment
  • Military service
  • Death in the family
  • Incarceration
  • Increased expenses and excessive debt
  • Unexpected repairs or home maintenance




Leave a Reply.

    East Lion Realty & Mortgage

    We're a big-town company that handles realty in all of Southern California. Haven't heard of us? Come to our website to learn more then!

    About the Team

    Here at East Lion Realty & Mortgage, we take care of you and want to learn more about you. In order to do that, you need to learn more about us as individuals. Go here to view our profiles.

    Thinking about a Short Sale?

    Ashish can help you short sale your property and get back on your feet. Send him an e-mail at [email protected]. He will contact you for a free consultation and explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call him directly at (818) 259-3455.

    Discover how other sellers successfully completed a short sale and request a free consultation by going to our Facebook page.

    Categories

    All
    Advice
    Curb Appeal
    Finding Agents
    Hardship Letter
    Home Value
    Housewarming
    Load Modification
    Short Sale
    Tiny Homes