WHAT CONSTITUTES A "HARDSHIP"?

While it is true that many distressed properties today are a result of the subprime crisis, it is important to understand the various other situations that can, when combined with a subprime loan, can cause a property owner to become distressed.
INSIDER TIP It is estimated that most American families can only maintain their current living expenses for 60 days or less when income is interrupted for any reason. 
 
If you find yourself caught in this, for any of the following reasons, you may be able to reduce your debt through our services. 

1)  Payment Increases or Mortgage Adjustment
This is the single largest reason for distress in today's market and one that will only continue to get worse in the next 2-3 years.  Although mortgages increase on a schedule and owners know they are coming, many do not do anything until it is too late or even worse, they don't think they have any options.  You may have options.  Call us for a no-obligation consultation.
 
2)  Loss of Job
When you lose employment the loss of income is often immediate and very quickly financial distress can occur and may even seem insurmountable. 
 
3)  Business Failure
For a small business owner, the devastation of a business failure is often followed by the inability to pay mortgage payments and ultimately leads to the loss of your home.  Again, you may have options.
 
4)  Damage to Property
Many time insurance companies do not cover the full amount of damage to a property and homeowners are unable to make repairs.  Some homeowners have to use insurance funds to survive and find new living arrangments.
 
5)  Death of a Spouse
The death of a spouse is devastating to a family and if the person was also one of the only wage earners, this will almost always cause financial distress.
 
6)  Death of a Family Member
The death of a family member regardless if they are a wage earner or not can throw a family inot emotional and financial turmoil.
 
7)  Severe Illness
Severe illness and the medical bills that result from that along with the time it takes away from a family's productivity can cause bills to be missed and homes to go into distress.
 
8)  Divorce
It goes without saying that divorce is one of the most common reasons for financial distress in the real estate market.  
 
9)  Seperation
When a couple decides to seperate even though they are not actually divorcing, the cost of maintaining 2 households can cause a loss of a primary residence.
 
10)  Inheritance
Rarely would you think that an inheritance could be a means to a distress with property.  Heirs, however, left with the responsibility of paying the mortgage, utilities and maintenance may find themselves in distress.  Imagine a son who makes $60,000/year whose parents pass away and leave him with a $700,000 mortgage payment on a $1.5 million property.  He will quickly need to find a payment solution or liquidate the property quickly to avoid foreclosure.  Even homes with large equity are susceptible to foreclosure.