In order to qualify for a short sale, you must have an acceptable and demonstrable “hardshipâ€. A hardship is something that negatively affects your ability to pay your mortgage now or in the future. In fact, in most cases you will have to submit a signed letter with supporting documentation to the mortgage company specifying your hardship.{[}]
Types of Hardship
{[}] {[}]{[}]A good definition of hardship is a material change in a homeowner(s) situation affecting your ability to make your mortgage payment. Examples of acceptable hardships are as follows:{[}]
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- Income reduction
- Loss of job
- Business failure
- Relocation
- Military service
- Payment increase or mortgage adjustment
- Damage to the home
- Divorce
- Severe illness
- Death of wage earner, spouse or non-wage earner resident
- Inheritance
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{[}]Bottom line, if because of one or more of the above instances, you have exhausted your liquid assets and can no longer make your payments, you could qualify for a short sale with your mortgage company.{[}]{[}]Next, we’ll get into the topic of Reasons To Avoid Foreclosure, digging deeper into the pros and cons of each.{[}]{[}]Contact us to get a free, no hassle, consultation to discuss and explore your options, we are just a call – 404-323-0049 or email away. Remember, a short sale is a dignified and effective solution to avoid foreclosure and the damage it can do to you financially and emotionally. And with our extensive training as a Distressed PropertyExpert and successful track record selling short sale homes, we can help you too!