What is an Acceptable Hardship?
A hardship can be defined as:
A material change in the financial situation of a homeowner that is or will affect his/her ability to pay the mortgage.
In order to qualify for a short sale, the homeowner must have a hardship.
Listed below are some examples of hardship.
Always call to be sure: 410-207-5993
- Loss of employment
- Income reduction
- Business failure
- Damage to property
- Death of spouse or wage earner
- Death of non wage earner
- Severe illness
- Military Service
- Payment increase or mortage adjustment
- Insurance or tax increase
- Too much debt
- Combination of any of the above.
Determining your eligiblity for a short sale early enough can stop your foreclosure.