What is a loan modification hardship?

by John P.
(Miami, FL)

Can you please give me some examples for a hardship related to loan modification?

Thank you!

John P.

Usually the following reasons constitute as hardship:

  • Medical Bills

  • Illness

  • Death

  • Death of spouse or co-borrower

  • Divorce

  • Job Relocation

  • Loss of Job

  • Reduced Income

  • Failed Business

  • Military Duty

  • Damage to Property (natural disaster or unnatural)

  • Adjustable Rate Mortgage Reset - not that uncommon yet, but that may change in the near future. Follow the press.

Get more details on our Hardship Loan Modification page.

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Hardship through job loss
by: Mary Anne

I had a hardship after I lost my job. Reading your site and getting information I need to approach Bank of America, my lender, was very helpful. I am still in the process of negotiating, but feel much more comfortable now.
THANK YOU! Mary Anne

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