Homes in Stockton: How to Write a Hardship Letter for a Short Sale
Before your lender will approve short sale or a loan modification the bank will ask to see your hardship letter. What is a hardship letter and how do you write it? It must be in your own words and describe the circumstances of you hardship. Medical situations, divorce, death, bankruptcy, unemployment, and reduction in pay and hours are legitimate reasons for a hardship. These are tough economic time for many home owners in Stockton find themselves in the position of facing foreclosure. The majority of homes for sale in Stockton are either short sale or foreclosures.
What Constitutes a Hardship?
Often homeowners believe a hardship is only based on your financial situation, and that's not always correct. There are many situations that make it difficult for you to continue making a monthly mortgage payments might make you eligible for a hardship.
You Must be in a Poor Financial Condition Often Entering Foreclosure
You are Unable to meet Your financial Obligations or are in Danger of Not Meeting your financial Obligations Namely Mortgage
You do not have the money to make back payments on the mortgage or make monthly payments
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