How to prove that you have suffered a financial hardship?
by Mortgage Rates on Monday, November 22nd, 2010 | 3 Comments
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Each of teh above reasons has paperwork involved. If you fall outside of teh stated reasons, no one can help without some indication of what you consider your hardship to be. As you note, loss of equity is not a hardship since nothing else has changed since the time you took out the mortgage (if you could afford the mortgage then and nothing has changed, you can afford the mortgage now – equity has nothing to do with affordabilty). About the only other hardship you might be able to get away with is an adjustable ARM coming due that will increase your payments dramatically.
The equity is not an issue. The issue is if you are having trouble making the payments.
You must show either, a loss of income since you entered the mortgage, or, a sudden and unexpected increase in expenses. Note that and ARM hitting a scheduled adjustment date is not unexpected because it’s what you signed up for in the first place. The same with the expiration of a teaser rate.
This program is designed to help people with problems not of their own making, and not people who decided to buy a house that they knew, or should have known, at the time they bought it that they couldn’t afford it.
I am not sure what matters to them my dad just got his loan modifed through http://www.vitaledgefinancial.com/JB8307 he says they are really amazing people and help in anyway they can. They have a team of attorneys that make sure everything they offer is legal and up to par. I really hope these people can also help you. Good Luck to you.