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So, what is a Hardship?

Worried Couple

Here is an example list of hardships that lenders consider during the loan workout process:

Reduced Income Due To:
  • Death in the Family
  • Disability (Temporary or Permanent)
  • Divorce
  • Failed or Failing Business
  • Illness
  • Incarceration
  • Job Relocation
  • Loss of Job
  • Marital Separation

Increased Cost of Living Due To:
  • Adjustable Rate Mortgage Reset - Payment Shock
  • Damage to the Property (Natural Disaster or Unnatural)
  • Increase in Family Size (Birth, Adoption, Elderly or other family members)
  • High Medical Bills or Health-Care Costs
  • Basic Cost of Living requires a Loan or Credit Card

Military Duty

Other (Must Specify)

Hardship Questionnaire

There must be a justification for your Hardship, so at least one of the following Hardship conditions must be Explained by something from the list above in order to qualify for the Home Affordable Modification Program:
  • My income has been reduced or lost.
  • My household financial circumstances have been changed.
  • My expenses have increased.
  • My cash reserves are insufficient to maintain the payment on my mortgage loan and cover my basic living expenses at the same time.
  • My monthly debt payments are excessive, and I am overextended with my creditors. I may have used credit cards, home equity loans or other credit to make my monthly mortgage payments.
  • There are other reasons I cannot make my mortgage payments.

I have at least one Hardship and have explained it with at least one of the Explanations above. What's next?

I don't have a Hardship, so this doesn't look like my solution.

If you would like to do your own loan modification, and would like to be ahead of the game, the information available here can save you a lot of confusion and the headaches associated with making a mistake.

If you have any questions about loan modification that haven't been addressed on this website, please drop us a note.

If a Loan Modification doesn't look like your solution, go here.

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