boa hardship: Financial hardship in a short sale, why it's important
- 02/10/12 07:37 AM
A financial hardship in a short sale is an important ingredient in helping define the success of a short sale. After all, without a hardship, there would be nothing keeping us all from walking away from our obligations. Like anyone, when you've made a promise to someone, and you can't keep it, they want to know why and a bank is no different. The good news is that bank's have policies in place that deal with changes in someone's ability to pay and in many cases, forgive the obligation altogether if there is a financial hardship to back it up. A … (0 comments)
A financial hardship in a short sale is an important ingredient in helping define the success of a short sale. After all, without a hardship, there would be nothing keeping us all from walking away from our obligations. Like anyone, when you've made a promise to someone, and you can't keep it, they want to know why and a bank is no different. The good news is that bank's have policies in place that deal with changes in someone's ability to pay and in many cases, forgive the obligation altogether if there is a financial hardship to back it up.
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