Central Florida Short Sales FAQ #2

What is a hardship and why do I need one? 

Florida Real Estate Broker 407-873-2747

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:

Noun
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: 

  • Divorce
  • Job loss
  • Reduced income
  • Illness
  • Disability
  • Medical bills
  • Job relocation
  • Military duty
  • Incarceration
  • 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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