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FHA SHORT SALE - What Qualifies for a Hardship?
We have a list of all of the things that FHA considers legitimate hardships for a short sale.
Click here to view the actual list from FHA. The good news is that if FHA considers something a hardship, then it is likely that most lenders agree.
Here is the list of things that FHA thinks are a legitimate hardship for a short sale.
* Death of Principal Mortgagor.
* Illness of Principal Mortgagor.
* Illness of Mortgagor's Family Member. Extraordinary medical expenses are part of the equation.
* Death of Mortgagor's Family Member. Extraordinary expenses are part of the rational.
* Marital Difficulties.
* Reduction in income.
* Excessive Obligations. No loss of income. To quote FHA, "The delinquency is attributable to the mortgagors(s) having incurred excessive debts(either in a single instance or as a matter of habit) that prevent him or her from making payments on both those debts and the mortgage debt."
* Job Transfer.
* A Problem with the property such as poor quality construction, expensive repairs being needed, etc.
* Inability to Rent Property.
* Military Service where the person can't afford their house because their ... more

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