Determining if you have a Financial Hardship

Real Estate Broker/Owner with Anson Properties LLC
The following are crucial questions that determine the presence of a financial hardship:

1. Why do you need to short sale? 2. Did you try to get a loan modification from your lender? If yes, how did it go? 3. Why was your loan modification turned down? 4. Have you tried to work out a deed in lieu? 5. If yes, what was the outcome? 6. If this is your primary residence, how long have you lived there? 7. Do you live in the property at present? 8. What changes did you make since you got the mortgage on this property? 9. What are your financial hardships? 10. Are you current on your mortgage payments? 11. When was your last payment?

The information provided on the short sale documents should be consistent with that of the loan modification documents, unless verifiable circumstances have changed.

The seller’s commitment to go all the way through with the short sale process is very crucial. Make them understand that the less of a hardship they have, the more contributions they will be required in a form of cash, promissory note, or both. Your efforts will serve futile should they refuse to contribute in the end.

Other Articles to Read:

Gainesville Florida Renter Rights During Foreclosure Choosing the Best Offer for Gainesville Short Sales 95% of Gainesville REOs Need Repair Do I Have to Pay for the Real Estate Agents Commission?


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Bas Panch
SCV Home Buyer - Valencia, CA

Hi Stephanie,

Great advice, and good links too. This is really useful information for those considering a short sale. Keep up the good work as a top Gainesville short sale agent!

Jul 18, 2012 12:38 PM #1
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Stephanie Anson

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