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Hardship Package—is a very comprehensive package of information used by the lender to determine which loss mitigation option is warranted based on the borrower’s circumstances. It will (at a minimum) include a request for
a) bank statements,
b) last year’s tax records,
c) a letter of explanation of the cause for the current hardship,
d) a budget and
e) recent pay stubs.
A hardship package will be required by any lender who is considering a loss mitigation option. This package basically requests the same information you supplied when you took out the loan. That would include income (wages, support, disability), expenses, W2’s, savings or other investments income/holdings, verification of employment status and a letter explaining the circumstances leading to your default.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
a) bank statements,
b) last year’s tax records,
c) a letter of explanation of the cause for the current hardship,
d) a budget and
e) recent pay stubs.
A hardship package will be required by any lender who is considering a loss mitigation option. This package basically requests the same information you supplied when you took out the loan. That would include income (wages, support, disability), expenses, W2’s, savings or other investments income/holdings, verification of employment status and a letter explaining the circumstances leading to your default.
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You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
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