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Jennifer Kortan's Blog

By Jennifer Kortan | Agent in North Oaks, MN

Hardship

Did you know if you try to sell your home for less than you owe, just to go buy a property that is a better deal, it is considered mortgage fraud! You can go to jail for mortgage fraud. In order to short sale your home you must have a hardship. What is a hardship? It can mean many different things to different people.

Here is a list of hardships most banks generally agree on:
Job Loss
Business failure
Reduced income
Mandatory Job Relo
Severe Illness
Large Medical Bills
Severe Illness
Death to a family member
Divorce
Separation
Incarceration
Damage to property not covered by insurance

Payment increase due to Mortgage adjustment
Tax increase or Insurance increase


This is just a guide line.
Please consult your mortgage company about your unique situation.

 
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