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Hi Kimberly!
Good luck @ the appointment! I think it also depends on the lender if they'll accept it or not. Some lenders are a more strict than others, for example I'm dealing with CalHFA and they've told me multiple times that their interpretation of a hardship is much more specific than other lenders and that they won't approve any SS without a hardship. I am trying to get CalHFA to agree that an increase in expenses and decrease in income is a hardship, but so far they don't think that's enough! Just an example.
Kimberly, I would approach it in a way to show them he cannot afford to pay rent AND a mortgage. Show listing history and price drops and SHOW that you've made an attempt to sell it.
I worked on a GMAC sale earlier this year where the seller moved to a rental closer to his job, although it was only 45 minutes closer, I was able to show he couldn't pay both rent and a mortgage. I showed listing history. We got it approved.
It can be done. Just an example of one, I did a Suntrust 1st n 2nd S.S. where the sole hardship was divorce. The Mrs. last 2 years of tax returns & pay stubs showed her making $350k+. She could easily afford mortgage payment and all other bills. She paid just under $10k at closing, which actually was not a requirement by the lender, but was to make up the difference in value. Obviously this doesn't happen every time, but they can be done. Just like stated before advise them it can be done, but to be expected to contribute to the loss.
I have a customer whos Hardship is divorce and relocation for employment. Lender is Well Fargo and they approved the short sale and sent me the approval with the only condition that the seller contribute $5,000. He has not missed one payment and is current on the loan. He wrote the hardship letter and I had him call his lender and explain his situation so they agreed to short sale and he agreed to bring $5,000 CTL.
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