What Qualifies as a hardship in short sale?

Hardship letters are required in short sales.  While not all short sale clients have a severe hardship, most lenders will allow moderate (reduction in hours/income, increased expenses, Associations not allowing rentals, etc.)hardships as qualifying hardships. However, the more extreme hardships will sometimes allow short sale candidates to qualify for a short sale without missing a payment, they are as follows:
1. Death
2. Divorce/Separation
3. Bankruptcy
4. Job Loss
5. Job Transfer or Move more than 250 miles away from the home.
6. Illness
If you do not miss a payment during a short sale, you may qualify for conventional lending immediately after close of short sale.  Regardless, there are unconventional financing options or rent to own programs that short sale sellers can qualify for after the short sale has closed.

If you are not sure if you situation is a hardship or want to know more about life after short sale, please
give us a call 773-539-5970 or email us at [email protected].

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