If you are in a negative equity situation and you want to sell your house, in order for the lender to approve your short sale, you must have acceptable short sale hardships. The lender wants to know what’s going on with the homeowner. They want to know why they’re no longer able to make the mortgage payments on the loan. Hardship is one of the most important elements of the short sale approval process.
Here are some examples of acceptable short sale financial hardships:
- Loss of Income
- Reduction of Income
- Death of a Borrower
- Rate Adjustment
- Medical Bills
- Employment Transfer
- Deployment Issues
The Lender may or may not consider these as acceptable hardships. When I say they may not accept it, it is because there could be a wide range of reasons behind it. There are different criteria depending on the bank and investor of the loan.
For Realtors, Attorneys, Title companies, etc interested in our services please go to http://massachusettslossmitigation.com/
For homeowners needing assistance with avoiding foreclosure please go to http://shortsalemitigation.net/
2500 Main Street,
Tewksbury, MA 01876