Definition: Mortgage hardship refers to a situation where an individual or family member faces financial difficulties related to their mortgage, resulting in a reduction or absence of payments on their home loan. This can be due to various reasons such as bankruptcy, eviction, job loss, and other unforeseen circumstances that may put a strain on the borrower's finances. The term "mortgage hardship" is often used in financial jargon when referring to situations where an individual has difficulty paying off or making timely mortgage payments because of unexpected financial hardships. This can include things like job loss, illness, divorce, or even lack of credit scores, which can make it difficult for the borrower to obtain a loan or maintain their current payment plans. The definition of "mortgage hardship" varies depending on the context and specific circumstances involved. However, in general, mortgage hardship refers to financial difficulties that prevent an individual from making payments on their home loan and may result in a decrease in the amount of principal or interest owed.
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