Need to Sell your Home as a Short Sale - Hardships that Can Qualify
Need to Sell your Home as a Short Sale - Hardships that Can Qualify
Here are examples of what most lenders and investors accept as hardships:
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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…)
- Relocation
- Divorce
- Military Service
- Payment increase or mortgage adjustment
- Insurance or tax increase
- Legal separation
- Too much debt vs income
- Incarceration
- Combination of above
These are all pretty self-explanatory but you need to have a hardship that is documented and provable.
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.
Click here to search Lake County Illinois Homes for Sale.
Jim Starwalt
Thinking of making a move?
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.
Click here to search Lake County Illinois Homes for Sale.
Jim Starwalt
Thinking of making a move?
Log onto my website at www.StarHomeFinders.com and search Northern Illinois Homes for sale.
Registering is quick and easy!
Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeFinders.com
Find Me Online
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