I need to help a Seller write a Hardship Letter for being underwater. He is Self-employed and can afford to pay the mortgage. But has moved from the house to be closer to his job.His home is worth about $500,000 and owes about $780,000. Any suggestions?
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
Maggie - He needs to state the facts. What was the previous distance to work and how was that a hardship? Example: My 50 mile drive to and from work was financially unsustainable due to the gas mileage and put a strain on my family and ability to support them. To maintain my income, I have to service this distant location, but it requires that I move closer.In addition, it required additional day care expenses totallying $700 per month, etc etc. Get the picture? Also, he needs to figure in his NEW residence expenses (utilities, tenant insurance, etc), in addition to his current expenses when he does his financial worksheet. If his cash flow is STILL good, he must be prepared to POSSIBLY do a cash contribution or promissory note.