San Jose Short Sale

San Jose Short Sale

Short Sale approval by your lender requires proof of financial hardship but it’s amazing that what some folks consider a hardship!!  Planning a trip to Europe or sending your child to Stanford does NOT qualify for a Hardship.    The nature of the Financial Hardship has to do with home owners inability to earn enough money to make the required payment for the mortgage.

In fact, one out of 4 home owners have seen their home value decline where they owe more money to the bank than the value of their home!!   But this fact can NOT be used as a justification for Short Sale Hardship.    So let’s explore what you will need to cover in your hard ship letter;

1) Source of Income:  You will need to document you current source of income.  If you have lost your job, you need to state the factual information such as the date for termination.    If you are collecting un-employment you need to document how much you are earning and why it’s not sufficient to cover the mortgage.

2) Medical Condition:  If your health compromised due to a chronic illness that is preventing you from accepting full time employment, then you need to document that in your Financial Hardship letter.

3) Hardship Impact:   Document how much credit card debt you have accumulated as part of your financial hardship.  Articulate the difficulty your mortgage payment is creating for you and why you are requiring  a Short Sale approval.

4) Alternative Measures:  If you are using your Savings to make mortgage payments, you will need to mention it in your Financial Hardship letter and why you can NOT continue with such payments.

Contact us for  FREE, no obligation conversation your eligibility for a Short Sale.  

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