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Can we establish hardship

Posted by Kimberley Cotten on September 8, 2011 at 2:26am in Short Sale Discussions
My company has a doctor who currently makes about $250K per year.  He and his father purchased a beach condominium as investment property.  The father is not on the mortgage.  Both his condo loan and his home loan are with BOA.  Can we establish hardship in this situation, and if so will BOA accelerate his home loan?

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Replies

  • Jeff Payne September 8, 2011 at 3:22am
    Need alot more information.  Is he able to make the mortgage payment?  Is he willing to contribute to the sale?  What is his hardship? Financial?  Personal?  How much does he owe and how much is the condo worth?
  • Kimberley Kelly September 8, 2011 at 2:38am
    Hardship is hardship.  If his finances support a hardship, they do!  $250,000/yr. can be a hardship depending on his other income/expenses/month.  You don't have much info here.  Because it's an investment property, you need to really examine the "hardship" and recommend he sees his CPA..in fact, push him into the car and to the office for counsel.
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