What is a short sale hardship? By Pasadena short sale agents

What is a short sale hardship?

Short Sale Hardship-In a traditional short sale where there is a true ”hardship” for the underwater homeowner, the bank will often ask for a “hardship letter” explaining the homeowners case for “short sale hardship”.

A short sale hardship can include:

• Loss of job
• Sky rocketing interest rate
• Death or illness in the family
• Divorce
• Loss of business

In this video Munson Realty, Pasadena short sale agents describe short sale hardship and we answer the question: Is it always necessary to have a true hardship for a short sale? You may be surprised to find out just how flexible banks are getting with short sale hardship cases. In fact you will learn about how many homeowners are doing a “strategic short sale” with no real short sale hardship.

f you believe you pass the “Hardship Test”, it is most likely time to proceed with the Process of a short Sale. It is now time to contact Us and we will quickly be able to confirm if indeed you qualify for a Short Sale. Once that is established, we will begin the Listing Process and guide you through the following steps:

1. Put your Hardship Letter together
2. Give us (your agent) Permission to Contact your lender to negotiate on your behalf and determine what you owe to date.
3. After we determine the market value we will set a listing price and your home will be listed and Marketed on the MLS.
4. Once Offer is Received and you have approved the offer, we will negotiate with your lender for their approval of the Short Sale
5. Once Short Sale is approved by lender, escrow process begins
6. After all parties meet their obligations escrow is closed and short sale is successfully closed.

More questions about Pasadena short sales? Contact us directly at 626-376-9732.