Orange Park FL –We had a question about FHA short sales yesterday. We did some research on FHA short sales as a result. We stumbled upon something interesting.
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.
Get my Free, Step By Step Loan Modification Guide by clicking here.
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 paycheck won’t enable them to cover the payment.
* Unemployment / Job Loss.
* Business failure.
* High Energy Costs. Your income and everything else stays the same, but your utility bill shoots thru the roof. To quote FHA, “All other factors remained the same, but sharp increase in utility cost(s) deferred funds that would have been available for the mortgage payment or costs associated with the removal of environmental hazards in, or near the property.”
* Payment Adjustment. To quote FHA, “Delinquency began after either increase in P&I for ARM mortgage or after escrow analysis where one or more escrow item increased, including the spreading of the amount needed to repay an escrow shortage over the next year.”
* Incarceration.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Home@FM-Realty.net. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 904.531.9327
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Orange Park loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, fred martin.
fred is a Real Estate Broker at FM Realty. Orange Park Short Sales Realtor:
Phone: 904.531.9327. Home@FM-Realty.net.
View My homes for sale at www.FM-Realty.net.
Fred Martin specializes in loan modification assistance and short sales in Orange Park Florida. Orange Park Loan Modification Help, Orange Park Short Sales. Orange Park Short Sale Realtor Orange Park FL Short Sales. Orange Park Realtor.
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Important Notice
fred martin, FM Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are fred’s personal views and do not reflect the views of FM Realty.
This information on Orange Park Short Sales: What Do Lenders Consider A Legitimate Hardship For A Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.