Indiana Foreclosure Short sale What are HUD Acceptable Hardships

List of Possible Hardships for a shortsale.  The more combined hardships the better chance of a Shortsale being accepted.  A Hardship is the underlying condition that has caused the inability to pay the mortgage. 


Death of principal mortgagor

Death of mortgagor's family member

Illness of principal mortgagor

Illness of mortgagor's family member

Marital difficulties

Curtailment of income

Unemployment

Excessive obligations

Inability to sell property

Job Relocation

Property problem (roof leaks, construction litigation, etc.)

Incarceration

Inability to rent property

Military Service

Casualty loss (such as a Hurricane, etc.)

Energy-Environmental costs

Servicing problems

Payment adjustment (ARM Adjusting)

Payment dispute

Transfer of ownership pending

Fraud

Abandonment of property (due to condition of property, for instance)

It is Usually not just one single event that has put a Loan into foreclosure.  Often times it is several combined hardships.  Always list all of the underlying causes for your inabliity to continue making your payments.

Shannon Thomas Realtor

Selling Indy Metro, LLC

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Comment balloon 1 commentShannon Thomas • July 15 2010 06:15AM
Indiana Foreclosure Short sale What are HUD Acceptable Hardships
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