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Permalink Reply by Carmine R Biello Jr on July 19, 2012 at 7:48am

What state is this in? I had a similar situation where the client and his wife  purchased a one bedroom, they had a child and we were able to get a full waiver of deficiency and an aproved short sale even though the client purchased another property three months prior. The hardship was the client was forced to move because the state law and association documents stated that there can not be more than two people living in a one bedroom condo.

Tthe hardship is that they were  "forced" to move". Both had sufficient income. I was able to show the hardship based on that alone. Best of Luck,

 

Carmine R Biello Jr.

 

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Permalink Reply by Sean Crosier on July 19, 2012 at 8:05am

Thanks Carmine! We are in California.

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Permalink Reply by Wendy Rulnick on July 21, 2012 at 4:36am

Sean - Does he have the income to pay the mortgage on the condo while living in the other property?  That could be one reason. OR does this particular investor need to have payments behind or at risk of imminent default? Ask the negotiator.  OR can he offer a cash contribution of any sort at the outset? The investor may consider it.  

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Permalink Reply by Sean Crosier on July 21, 2012 at 5:55am

Yeah he can afford both... He's behind like 7 months though. I'll try the cash contribution idea but we didn't offer it up front. If I have to I'll resubmit the file unless someone has a better suggestion for me. What do you think the odds are a different representative of the investor would approve it if I resubmit?

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Permalink Reply by Wendy Rulnick on July 21, 2012 at 6:30am

I would try to contact that negotiator first and ask if a cash contribution would make a difference to the investor and try to save this. Otherwise, re-submitting might help, but maybe not immediately.  Investor guidelines change all the time.  

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