Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
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What Constitutes Hardship On A Knoxville Short Sale?

In yesterday's post we talked about the importance of the hardship letter in a short sale. Many people think a hardship Knoxville Short Sales Don'r need to be troubled watersis mainly based on financial matters and that is not necessarily the case. Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship. One thing that the bank doesn’t want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the amount the owner paid for it. Being upside-down is one of the qualifications for a short sale but a bank may not grant a short sale solely on that basis. If your life looks unchanged since you took the loan, the bank might say you can afford to stay in your home at your present payment level. If your situation has changed, here are some examples that may qualify for a hardship: 1. Unemployment. 2. Reduced income. Furloughs, a new job, a partner's loss of a job, or a pay cut are examples. 3. Illness or medical emergency. 4. A Job transfer. (voluntary or involuntary) 5. Divorce, separation or marital difficulties. 6. Exotic mortgage terms (an adjustable-rate loan that adjusts and you cannot afford the new payment.) 7. Military service. 8. Death in the family. 9. Incarceration. 10. Increased expenses and excessive debt. 11. Unexpected repairs or home maintenance. I can help you put together a good hardship letter that will help you qualify for a short sale. Thinking about a short sale? I can help you short sale your property and get back on your feet. I have help more homeowners than anyone else in the Knoxville Area. We have a group of professionals who can help you Need help? Have Questions? Check out my resource page, email me or call me 865-696-9002 I can help you avoid foreclosure.

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