Your hardships have to be explained to the bank in a Hardship Letter. As the name suggests, you have to highlight and explain your hardship matters to the bank in this letter.
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In some cases, you might also have to attach some documents which will act as proof for the hardships. If your hardship is not considered to be legitimate by the bank, then there are possibilities that the bank will decline your short sale request.
The hardships which are considered legitimate by the lenders can vary according to different situations. In all situations you can never be sure of the opinion of the bank about the hardships you have stated.
In most cases, a legitimate hardship should be of monetary importance. This should show that you are having financial problems that make it hard to pay mortgage payments regularly.
The Hardship Letter that you write to the bank should very logically explain why your circumstances have changed and caused you to be unable to pay the loan.
Your bank might usually define a hardship as a situation which gets difficult for you to endure. There is a long list of hardships which can very easily be considered as legitimate by the lenders.
Some of these hardships include the following situations:
* Loss of job which you had held previously at the time when the loan was issued to you.
* A great decline in your income from a job or another source.
* A borrower losing a tenant.
* There has been an unaffordable adjustment in the mortgage payments.
* Unforeseen and unexpected increase in your living expenses.
* Someone in the family getting seriously ill or injured.
* Illness or injury to someone even in the extended family, where it requires you to relocate.
* Job relocation when your home is upside down and you have no equity.
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
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Important Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.
This information on What Is A Legitimate Hardship For A Columbus Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.
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