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    • Acceptable Types of Hardship in the eyes of a bank when it comes to a short sale:

    Acceptable Types of Hardship in the eyes of a bank when it comes to a short sale:

    There is a lot of confusion and misconception it seems when it comes to someone understanding what a bank qualifies as an acceptable hardship for a short sale. Although there are exceptions to the rule, for the most part, banks take the approach of verifying that you have a hardship that prevents you from paying your mortgage, and that the hardship occurred after you took the loan out. Remember banks verify this through your short sale package, so they will look at all of your finance’s to determine eligibility. Basic principle is that you have more expenses going out then income coming in. As mentioned before, there are exceptions but below are the 16 most common hardships that would qualify a seller for a short sale:

    1. Loss of Employment
    2. Business Failure
    3. Damage to Property
    4. Death of Spouse or Wage Earner
    5. Death of Non‐wage Earner
    6. Severe Illness
    7. Inheritance
    8. Relocation
    9. Divorce
    10. Military Service
    11. Payment Increase or Mortgage Adjustment
    12. Insurance or Tax Increase
    13. Legal Separation
    14. Too Much Debt
    15. Incarceration
    16. Combination of Above

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