What is an Acceptable Hardship?
Hardship is defined as: A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage.
To qualify you must have a hardship for a short sale. Causes of Distress are acceptable below.
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
HOMEOWNER'S DOCUMENT CHECKLIST NEEDED FOR SHORT SALE>
Date:
Owner:
Address:
Prepared by:
Phone:
Fax:
In order to have the opportunity to negotiate with your lender we will need to have the following documentation. Please note, when we get a contract we may need updates on each item so pleasemake certain you set aside statements and paycheck stubs as you get them.
Two months most recent mortgage statements (all mortgages)
Two months checking account statements (all borrowers if separate)
Two months saving account statements (all borrowers if separate)
Two months other account statements (all borrowers if separate)
Last two paycheck stubs (all borrowers)Two years tax returnsHardship Letter (see samples)
Financial Worksheet ( I will provide)
Other income:
FAX THE ABOVE ITEMS TO 801-303-6778
ATTENTION: Terrilee Fitz
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