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HARDSHIP |
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Hardship is a term used by lenders in judging whether a borrower or borrowers on a loan they received from the lender are ligitimately in FINANCIAL DISTRESS and unable to make the payments. Obviously, if a lender did not require some ligitimate reason for a borrower defaulting on their loan, more people would be encouraged to do it, even though they are not in financial distress!
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| CAUSES OF HARDSHIP |
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MOST CASES OF FINANCIAL HARDSHIP AND DISTRESS ARE DUE TO ONE OF THE FOLLOWING CAUSES LISTED BELOW. THIS IS NOT A CASUAL LIST--THE ITEMS ON THIS LIST ARE RECOGNIZED BY LENDERS AS LEGITIMATE CAUSES OF FINANCIAL HARDSHIP.
* Loss of Job * Mandatory Job Relocation * Reduced Emplyment Income * Military Service * Business Failure * Damage to Property * Severe Illness/Incapacity * Medical Bills * Divorce or Separation * Death of a Spouse * Death of Family Members * Inheritance Tax * Payment Increase/Mortgage Adjustment * Insurance or Tax Increase * Too Much Debt * Incarceration |
| FOR MORE INFORMATION ON HARDSHIPS, HOW TO WRITE A HARDSHIP LETTER FOR A LENDER OR OTHER FORECLOSURE ALTERNATIVES CONTACT US FOR A FREE, CONFIDENTIAL AND NO OBLIGATION CONSULTATION TO CONSIDER YOUR QUESTIONS AND/OR REFER YOU TO PROFESSIONALS WHO CAN ASSIST YOU WITH SPECIFIC TAX OR LEGAL QUESTIONS. WE HAVE HELPED MANY OTHERS SORT OUT THEIR FINANCIAL PROBLEMS AND WOULD BE GLAD TO ASSIST YOU IN ANY WAY WE CAN! |
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MOST CASES OF FINANCIAL HARDSHIP AND DISTRESS ARE DUE TO ONE OF THE CAUSES LISTED BELOW. THESE ARE ALL CAUSES LENDERS WILL CONSIDER LIGITIMATE CAUSES OF FINANCIAL HARDSHIP DEPENDING,OF COURSE ON THE CIRCUMSTANCES INVOLVED. THE FOLLOWING IS A LIST OF QUALIFIED HARDSHIP SITUATIONS MOST LENDERS WILL CONSIDER IN EVALUATING A BORROWER'S FINANCIAL DISTRESS:
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