Loan Modification Q&A - Top 10 Questions Answered- Question #5 - What is a standard Hardship situation?
Every homeowner will without a doubt have a distinctive set of conditions that set off a domino effect and caused them to get behind on their home mortgage, but in general the lenders consider:
- loss of income
- death of spouse
- divorce/separation
- illness of owner or co borrower (spouse or immediate family)
- job relocation
- military service
These are the most common and acceptable reasons your bank/lender will consider a loan modification. A compelling hardship letter (have one handwritten in your language if you don't speak much English and typed and translated as well) included with your request - a vital part of a successful application.
This is not to say that if your reason for falling behind is not on this list that your bank/lender won't consider you as a candidate for loan modification. If you'd like to have your situation assessed absolutely free with no obligation - call me directly at 646-294-2561 or email me at ProRealtor@verizon.net
In case you missed the previous article Question #4 - Will a loan modification stop my foreclosure?
To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/
SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/
Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Loan Modification Q&A - Top 10 Questions Answered- Question #5 - What is a standard Hardship situation? All Rights Reserved.
Comments(0)