Hardship Question
I have a client that needs to re-locate to another state to be in the same city as her boyfriend. She has a job where she can easily relocate so they can live in the same city. They have been having a long distance relationship, but they don't want to do that anymore, as travel is getting to become a real burden. She is the one that has the capability to transfer, his job requires that he stay where he is. She cannot afford to pay rent in Denver and pay her mortgage here, plus the monthly HOA of $210 a month. She cannot rent out her home and get enough rent to cover her mortgage payment plus the HOA and afford to pay someone to maintain it, etc.
Is this enough of a hardship? She did not qualify for HAFA as she has shown ability to pay her mortgage and the debt to income ratio was lower than HAFA would allow.
Any suggestions?
Kelly
Replies to This Discussion
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Permalink Reply by Kim Eisen on
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They don't really care about relationships, so to speak, or the burden of maintaining it. But, if she had to transfer, that might be a different story.
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Permalink Reply by joe beauchamp on
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I think you have problems with "she would like to" type stuff. The bank would like to be paid. However, once the leap is made, then she will have a real hardship. Someone who has to move for work has a hardship, someone who moved and tried to rent it out and cannot afford the expenses (not renting to cover expenses is not a hardship if the seller can afford to cover the difference - that is just a "bad investment"), someone who had to move and cannot find a renter at a reasonable amount while being unable to make up the difference - those are hardships. Someone thinking about doing that is not a hardship. Someone deciding to move to Paris on a whim and now unable to pay for everything may or may not be considered.
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