What is a hardship and why do I need one?
A Short Sale is one of several pre-foreclosure remedies. In order to request a Short Sale, from your Lender, you must have a hardship AND you have to be able to prove it. It has to be a legitimate hardship.
Hardship:
1. conditions of life that are difficult to endure
2. something that causes suffering
A hardship is anything that makes it where you can not afford the payments on your house. A hardship is something drastic that has happened to your financial situation since you borrowed the money. You borrowed the money and you agreed to pay it back. Now you can't. Notice I said CAN'T....not WON'T. Can't is a hardship. Won't is a deadbeat.
A hardship may be the result of:
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Divorce
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Job loss
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Reduced income
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Illness
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Disability
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Medical bills
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Job relocation
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Military duty
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Incarceration
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Failed business
One of the key documents related to a short sale is the Hardship Letter. Whatever your hardship may be you will need to write a hand written letter telling your lender about it.
We'll discuss the Hardship Letter next time.
In the meantime, if you have a property that needs to be sold as a Short Sale just CLICK HERE. I'll send a Short Sale Listing Package right over.
FAQ #1 What is a Short Sale?
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Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
Reserved Parking For "The Lovely Wife"...TLW...ROAR!
Hun...
You cracked me up with the difference between 'cant' and 'wont'. Very Funny :)
TLW...ROAR!
What?
Do you mean that the couple that called today to short sale their home and let their son buy it back for 1/2 of what they owe won't work??
Hi BB, This is a well-organized and well-worded answer for those people who think they can simply "decide" to do a short sale because they would like to move and can't get what they owe on their current loan. They hear on TV that short sales are being offered to people, so they want one. Ask them what their hardship circumstance is, and they say something like: "I just told you. We owe more than we can sell it for!" When I try to explain what a hardship is, they figure I just don't want to help them. I guess I should put together a little pamphlet about it. For some reason, people are much more apt to believe it if they see it in writing.
Good points, Bryant. Many people think they can decide to do a short sale, without considering that they have other assets that COULD pay the mortgage payments where they are upside down.
BB,
I'm sure there are some real hardships out there but I bet there are some that really could keep paying if they had to ...they just want out and make that bad loan go away...they really need to leave it to the ones who truly can't make it. They just want on the bandwagon.
Hardships suck! I know. You're impressed by my highly intellectual comment. Sorry. That's all I got. Harships suck.
And I would venture to say even many of your hardships would not result in hardship had there not been a lack of planning!
BB - a succint explanation of hardship, and deadbeat! LOL. Many folks seem to have no clue that they can just ask for a short sale becuase they want it. And some buyer's are not aware of the need for the hardship to be demonstrated in order for a short sale to be approeved, among other things.
Jeff
That about sums it up - great post!
Hardships are no fun, but sometimes they are necessary. Everybody needs a little help sometime.
I just read a letter a client of mine had to write and it can be very emotional for them to have to beg for forgiveness when they have had good credit for a long time and in this case a divorce shattered her credit.
"Can't is a hardship. Won't is a deadbeat." The post is worth it for those 2 simple but very powerful sentences.
Bryant - To the point- well said.
I guess the "won't" will become the foreclosure.