What does a bank consider as a HARDSHIP

Dated: 05/20/2013

Views: 2296

The #1 question that comes when a person seeks assistance with a distressed property rather its a loan modfication or short sale is: "What is your HARDSHIP?" So today we will share what a bank considers as a HARDSHIP when dealing with distressed property. 

Here are sample types of a hardship. Lenders will consider the following conditions, and they don't have to have happened personally to you. It could be a family member who supports you -- financially or emotionally or both -- or on whom you rely for support who has suffered a hardship such as:
 
  • Unemployment
  • Reduced income (furloughs, new job, partner's loss of job, pay cut)
  • Illness or medical emergency
  • Job transfer (voluntary or involuntary)
  • Divorce, separation or marital difficulties
  • Exotic mortgage terms (an adjustable rate or Option Arm)
  • Military service
  • Death in the family
  • Incarceration
  • Increased expenses and excessive debt
  • Unexpected repairs or home maintenance

Want to Advertise on this Site?

Latest Blog Posts

3 Reasons To Ask Your Realtor For A Lender Referral

3 Reasons To Ask Your Realtor For A Lender ReferralYou are one in a million if you have enough cash to buy a home! For most people getting pre-approved for a home loan is one of the first steps in

Read More

The True Cost Of Not Owning A Home

There are a lot of reasons why owning is better than renting, here are a few reasons comparing the cost of not owning a home:1- The Price is so CloseRenters are facing increases everyday. With

Read More

Three Tips For Making An Offer

1- Determine a Price RangeThis should happen right before you start the homebuying process. If you don’t know how much you can afford, you will be shopping in the dark with a blank check

Read More