Divorce as hardship
Has anyone ever heard of a bank accepting situational hardship in lieu of financial? I have sellers who are getting divorced and while their income is sufficient to cover the mortgage their living situation has changed and the family home must be sold. They have a first and second with Wachovia (Wells Fargo) so any information on their stance in particular is appreciated.
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Amanda. Divorce is certainly a hardship. I would check to see what the judge said to do with the house in the divorce decree. They may have been ordered to sell. If they did then this is a no brainer. If not it's still a hardship. Just remember of the borrowers have financial resources the lender may very well want them to participate in the loss by cash contribution, prom not or both.
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Permalink Reply by Amanda R. Cowan, P.A. on
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Thanks for the reply. Unfortunately, in this situation there was no court-ordered divorce decree. It is an amicable parting. Good for them. Bad for their assets.
Bryant Tutas said:
Amanda. Divorce is certainly a hardship. I would check to see what the judge said to do with the house in the divorce decree. They may have been ordered to sell. If they did then this is a no brainer. If not it's still a hardship. Just remember of the borrowers have financial resources the lender may very well want them to participate in the loss by cash contribution, prom not or both.
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Permalink Reply by Jeff Payne on
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Divorce is definately a hardship. I am of the belief that just about anything can be turned into a hardship, it does not necesarily have to be a financial hardship, it can be a situational hardship. Each short sale/lender/investor is different though.
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