Definition of Hardship in a Lender’s Eyes
September 29th, 2009 Posted in Real EstateIn general, in order for a lender to consider allowing a short sale for a home owner, there must be a hardship.
Any one of these circumstances – or a combination of them — might constitute a legitimate hardship in a lender’s eyes:
- Damage to property
- Job relocation
- Divorce
- Excessive medical bills
- Business failure
- Incarceration
- An upward adjustment of your mortgage payment
- Military service
- Death of a family member
- Separation
- Significant income loss
- Death of a spouse or domestic partner
- Loss of employment
When you decide to pursue a short sale, one of the first things your REALTOR(R) will request from you will be a hardship letter addressed to your lender, because most lenders will require it. The hardship letter should explain which of the hardships listed above caused you to fall behind on your payments, and you must be able to prove it so be sure to present the facts clearly and honestly.
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