Financial Hardships – Short Term Hardships vs Long Term Hardships

Financial hardship – it seems like most of us suffer through some type of financial hardship in our lifetimes. Fortunately, for some, the financial hardship can be short term. But for others, the financial hardship can be more long term and hence more serious. We’re going to look at the difference between long term and short term financial hardships and explore some of your options depending on the type of hardship you are or have experienced.

If the hardship behind your current mortgage delinquency is temporary, there are numerous alternatives available to you directly through your mortgage lender.

A few of the options available to homeowners experiencing temporary financial hardship, include:

  • forbearances, an option in which you agree to stay current on the loan going forward and to a schedule of repayments on any delinquent amounts;
  • loan modification agreements;
  • loan reinstatements.

If the particular hardship behind your mortgage delinquency is long-term, or if your situation is more complex our team of seasoned short sale realty professionals are qualified to help you assess whether listing your property as a short sale is an appropriate solution.

Lender Consideration Of Your Short Sale Request

While a lender’s consideration of a short sale offer does not stop a pending foreclosure, in certain cases lenders will delay foreclosure proceedings if a qualified purchase offer is presented to them before the property is sold at foreclosure auction (trustee sale).

The good news is that increasingly many lenders will work with homeowners and their REALTORS on short sale listings and consideration of purchase offers by qualified buyers.

The key here, no matter what type of hardship, is to submit a thorough, well organized, Short Sale package – Short Sale Request – using a qualified, licensed REALTOR experienced in short sale packaging and direct negotiations with mortgage lenders.

Always keep in the back of your mind – the lender does not want your property, and would rather resolve the situation instead of proceeding with a foreclosure. It is our job to present your short sale request in a way that is a win for you and a win for your lender.

Please contact us today for a FREE Short Sale Pre-Qualification.