Two questions?
1) Concerning divorce, does one qualify for a hardship at the time the divorce is filed or after the judgement has been made?
2) Does anyone know if wells fargo has a no doccumentation short sale process. I have a client that makes in the upper $140's?
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The new guidelines, which go into effect Nov. 1, 2012, will permit a homeowner with a Fannie
Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their
mortgage if they have an eligible hardship. Servicers will be able to expedite processing a short
sale for borrowers with hardships such as death of a borrower or co-borrower, divorce,
disability, or relocation for a job without any additional approval from Fannie Mae or Freddie
Mac.
Greg,
Depending on what the hardship letter states divorce or separation may suffice as a hardship in the eyes of the bank. If they are both on the loan and they are separated that alone may not be a hardship in the eyes of the lender. If the borrower is able to communicate more of a hardship it may behoove them. Well's Fargo does not offer any no documentation programs to my knowledge. We deal with many clients who make a lot of money, it really comes down how the financials and hardship are presented.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389