Here are examples of what most lenders and investors accept as hardships:
Hardships that Can Qualify for a Short Sale:
- Loss of employment
- Business Failure
- Damage to the property(could have been under insured)
- Death of a Spouse of wage earner
- Death of a non-wage earner. For example, a family member who was watching the seller’s children and now the seller has to pay to put the children in child care; or they were a financial contributor even though they weren’t on mortgage.
- Severe illness
- Inheritance(inherited an underwater property, cannot pay taxes etc…)
- Military Service
- Payment increase or mortgage adjustment
- Insurance or tax increase
- Legal separation
- Too much debt vs income
- Combination of above
If there is an income change, you will need to document it to the lender via pay stubs and tax returns; if it is an illness, you will have to provide medical records; divorce – you have to show the divorce decree.
Regardless of the hardship, the more information you provide to support the claim the easier it is to show the bank there is a true hardship.
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Jim Starwalt, Broker Associate
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