What is a legitimate hardship is a question we are asked frequently. So we thought it would be useful to put together a list of most common circumstances that banks consider to be legitimate hardship.
# 1 Unemployment
# 2 Reduced Income
# 3 Divorce
# 4 Separation
# 5 Medical Bills
# 6 Too Much Debt
# 7 Death of my Spouse
# 8 Death of a family member
# 9 Payment Increase
# 10 Business Failure
# 11 Job Relocation
# 12 Illness
# 13 Damage to Property
# 14 Military Service
# 15 Incarceration
Or any other reason that creates a negative financial situation for the seller, as long as you can justify that the seller has suffered financially.
Please feel free to suggest any others in the comments. Thanks!
