What is an Acceptable Hardship Situation?

 If any Home Owner is considering a Loan Modification, Short Sale or other alternative to Foreclosure which involves the Bank making some form of concession, it is usually necessary for the Homeowner to demonstrate a valid hardship.  An acceptable hardship is defined as ..

 

"A material change in the financial situation of a Homeowner that is or will affect their ability to pay their mortgage."

 

There are many, many reasons and situations which might create a Financial Hardship which may be acceptable to a Bank and give them reason to work with you. While each situation is unique, the Lenders will generally consider the following to be an acceptable hardship:

  • Payment Increase or Mortgage Adjustment
  • Loss of Job / Reduced Income
  • Business Failure
  • Dealth of Spouse / Family Member
  • Severe Illness
  • Medical Bills
  • Divorce / Separation
  • Mandatory Job Relocation
  • Military Service
  • Too much Debt
  • Damage to Property
  • Inheritance
  • Insurance or Tax Increase
  • Incarceration

Essentially, in order to prove a HARDSHIP, there has to have been a change in circumstances between when the loan was made and the date of the Hardship Request.  If you've faced a recent hardship and are falling behind on payments or think you soon will be behind on payments, don't bury your head in the sand.  There are many resources available to you, or give us a call today at 941-780-2396.  We can help point you in the right direction so that you make informed decisions.

 

REMEMBER, BANKS DO NOT WANT TO

FORECLOSE ON YOUR HOUSE. 

THEY ARE IN THE BUSINESS OF LENDING MONEY,

NOT OWNING REAL ESTATE.

  

  FOR MORE INFORMATION GIVE US A CALL TODAY!