What Type of Hardship Will the Lender Accept?
Generally, as long as the hardship is real and the lender believes the loan is likely to become, or is currently delinquent, the Short Sale request will be approved by the lender’s loss mitigation department. A key to obtaining an approval is a strong letter explaining the hardship situation of the borrower.
Related Questions
- What type of approval does a lender need to originate and/or underwrite and/or service Title II Single Family Loans, including HECMs (Reverse Mortgages) or 203k (Rehabilitation mortgages)?
- Does the lender have the right to request any type of real-time monitoring of the creditor’sactivities?
- What are the provisions for an economic hardship (Type K) deferment?
