What criteria demonstrate that I am in a “hardship” situation?

A hardship situation is one that results from an extenuating circumstance that places you in the position where you can no longer afford your mortgage payments. Examples include:

  • Unemployment or the loss of a primary income source
  • Inability to work due to a health issue
  • Business failure
  • Bankruptcy
  • Death of your spouse or significant other
  • Moving and cannot keep up payments on two properties

If I do not live in the property, do I still meet the requirements for a short sale?

Yes. Non-owner-occupied properties do qualify for a short sale.