It seems that documenting a hardship is one of the major issues we contend with for our clients during the Short Sale approval process. Writing the letter of Hardship for your Short Sale application is a crucial piece of the puzzle and must be done with thought and care in order to get the best results in the end for a Short Sale approval.
Not having a hardship per se doesn’t automatically keep someone from getting approved to do a Short Sale, but it will impact the final outcome and whether or not the bank will be looking towards the homeowner to contribute to their loss versus awarding them incentive money to move forward with a short sale versus having a foreclosure on their record. Here’s a link to an article that also speaks of Hardships with a list a commonly accepted reasons for Hardship.
We have in fact helped clients close escrow on their Short Sales and turn around a purchase a new home right afterwards, it can be done in some cases but requires good negotiations based on a financial settlement offer rather than focusing on a Borrower’s Hardship. (click link here for article)
Everyone’s financial picture is different, so no matter your personal situation- it’s worth consulting with us specifically on your situation if you are still upside down on your home. Not sure if you are- use our calculator here free!
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