Acceptable Hardships- Financial hardship letters samples
A hardship can be defined as: A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage.
Hardship letter- Stated information. Do banks read the hardship letter? Some do!
They say the homeowner must have a hardship in order to qualify for a short sale. Examples of acceptable financial hardships are:
1. Loss of job
2. Business failure
3. Damage to property
4. Death of a spouse
5. Death of family members
6. Severe illness
7. Inheritance
8. Divorce
9. Mandatory job relocation
10. Medical bills
11. Military Service
12. Payment increase or mortgage adjustment
13. Insurance or tax increase
14. Reduced income
15. Separation
16. Too much debt
17. Incarceration
Click here for to see how to write a hardship letter.
