Hardship Package

When trying for a short sale, you must put together your hardship package. Your lender is going to require current income and asset documentation (paystubs, bank statements, etc.). A valuation of your property will also be ordered. You must also write a hardship letter, detailing the circumstances that brought the need for a short sale. Don't hold back. Tell the truth, no matter how difficult or embarrassing this might be for you. Believe it or not, lenders are not all cold and callous. There are real people on the other end, and they do understand. Here are examples that might qualify as a hardship:

• Unemployment
• Reduced income (furloughs, new job, partner's loss of job, pay cut)
• Illness or medical emergency
• Job transfer (voluntary or involuntary)
• Divorce, separation or marital difficulties
• Exotic mortgage terms (an adjustable-rate loan)
• Military service
• Death in the family
• Incarceration
• Increased expenses and excessive debt
• Unexpected repairs or home maintenance

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