What Is the Definition of A Hardship?


There are a many situations which can cause a Hardship for a homeowner. In many cases, it can even be more than one...and the combination of circumstances simply makes it impossible for the homeowner to continue paying a mortgage.


One homeowner who came to us last year lost his job, got sick, got a divorce AND his adjustable rate mortgage payment went up by $1,000 a month. All in the same 30 days! Unbelievable!  


While such a combination is rare, any one of those  circumstances can literally cripple a homeowner financially.  If you see yourself in any one (or more) of the following situations, please give us a call. No matter where you are in the country, we can refer you to an expert who is licensed in your area, knows your neighborhood, and can help you explore the available options you have at your disposal.

1. Adjustable Rate Mortgages  


Many people took out adjustable rate mortgages when they originally purchased their homes. However, they’re now finding their interest rates increasing to a point where the payment is simply no longer affordable. Call us for a FREE consultation. We can help you explore your options.

2. Unemployment or UNDER Employment  


The loss of a job (or any reduction in income) can be devastating when trying to keep up with mortgage payments and other bills. This may seem like an impossible situation, but it doesn’t have to be. There are solutions! The sooner you call, the more options you’ll have!


3. Business Failures


Small businesses sometimes fail due to economic conditions beyond the owner’s control, making it impossible for the business to survive despite one’s best efforts. We may not be able to help you put your business back in the black, but we can probably help you avoid foreclosure...and help you keep your home!


4. Death of a Spouse or Major Income Earning Person


This kind of loss is not only tragic emotionally, but is often coupled with financial complications. This often results in an inability to pay the mortgage due to newly reduced and insufficient household income. We understand that this can be a very difficult time. We’re people too! BUT, don’t let it become even more devastating by waiting to do something to resolve the situation. Call us...we want to help.


5. Serious Illness


Serious illnesses often result in huge medical expenses which may not be covered by your insurance company. When this happens, it’s frequently not just your mortgage payment, but also your regular monthly bills that go unpaid. Month after month, you fall further behind and begin losing hope. Before that happens, call us.

6. Separation and/or Divorce  


Many couples are unable to support separate households after a separation or divorce. Each person wants to believe that the house can be sold profitably with no debt incurred and both receiving some sort of “start over” funds to help them move forward.


But with today’s declining housing market, this is often not the case. Don’t hold onto the hope that the house will sell for a price that you choose. It’s the market that dictates the selling price and sometimes that simply leaves no profit whatsoever for either of the parties. If you need to know what the current market value of your home is, and how much you’ll likely net after paying all costs associated with the sale, give us a call. We can provide information which will help guide you through the best decisions to make.

7. Inheritance


This sounds like it should be a profitable thing, right? But that’s not always the case! Heirs may inherit a home that still has a mortgage and are unable to continue making the payments on the loan,. Nor can they afford to pay the utilities, or maintenance, or insurance and taxes. Regardless of the amount of equity a home has or is thought to have…this can be a serious problem.

But there are answers, and we can help you with them. Just don’t wait until it’s too late...when your only answer is to let the property go and lose whatever profit potential you may have had if you had acted sooner. Call us today.