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FAQ's Foreclosure Foreclosure What do lenders consider to be a "hardship" in order to be considered for a short sale or a mortgage modification?
FAQ's Foreclosure Foreclosure What do lenders consider to be a "hardship" in order to be considered for a short sale or a mortgage modification?
What do lenders consider to be a "hardship" in order to be considered for a short sale or a mortgage modification?
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- Friday, 12 June 2009
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In order to be eligible for a short sale or a mortgage modification, you must be able to prove to the lender that you are a victim of a “hardship” and therefore unable to continue making payments on your mortgage. A hardship situation is one that is the result of some extenuating circumstance that forces the borrower into a position where they can no longer afford their mortgage payments. While every situation is different, some frequent examples of hardship include:
- Decrease in the value of the home
- Unemployment or loss of primary income source
- Inability to work due to health crisis
- Mounting medical expenses
- Employment relocation
- Failure of business
- Bankruptcy
- Death of spouse or significant other
- Divorce or separation
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In every transaction there is usually a request for repairs given to the seller by the buyer. The work order is usually backed up by a third party inspection report. The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements. 
A plan is something that most people over look when going into a new home purchase and if you don’t have one it could cost you lots and lots of money. A good REALTOR® will be able to help you with your plan. The biggest issue with your plan is TIME.