What does a bank consider as a HARDSHIP

Dated: 05/20/2013

Views: 2474

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

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