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  The Hardship Test - Back
Many Bradenton - Sarasota, Florida homeowners are facing the risk of foreclosure in our declining real estate market. For some, a short sale may be the solution. The borrowers will need to convince the lender to accept a short sale. The borrower is going to have to pass a hardship test to show the lender he/she cannot pay the loan.

A qualifying hardship is usually one or more of the following:

  1. Bad
  2. health has befallen the borrower or an immediate family member and has crippled personal finances. Itís easy to see why this is a legitimate hardship. Medical bills can quickly wreck a personís finances.

  3. Death
  4. of a spouse has caused the borrower's income to drop and he/she cannot pay. If the breadwinner of the family dies, most borrowers would be in trouble. In fact, in most two income families, if one earner dies, it is unlikely that the remaining person can afford the mortgage.

  5. Divorce
  6. has caused the borrowers income to drop and he/she cannot pay. Divorce is expensive and many times requires that the jointly owned home be sold..

  7. The
  8. borrower has been called to active duty in the military and cannot pay. Service men and women may face a big reduction in salary when called to active duty. This would be a true hardship..

  9. The
  10. borrowerís employer has transferred him out of the area and he is unable to sell or rent the property. Job relocation is a fact of life for many borrowers. Sometimes it means an increase in income. At other times it may mean a decrease in income, making it impossible to cover the expenses of housing at the new location and the mortgage of the current home.

  11. The
  12. borrower has suffered a disabling injury and they cannot work. Borrowers set back by disability can easily prove hardship..

  13. The
  14. borrower is unemployed and canít find a job. Most borrowers are not prepared to handle day to day expenses if they lose their job.

  15. The
  16. borrower is financially insolvent -broke. If the borrower can show that they have the inability to pay, the lender will listen. Remember, they do not want to take the home back in foreclosure.


The borrower must be able to document real hardship. The lender will not agree to a short sale just because the borrower owes more than the home is worth and simply wants out. The borrower must be able to prove that there is no way for them to be able to afford to keep the home.

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