Replies to This Discussion

Permalink Reply by SE Davis on March 19, 2013 at 2:39am

Carl; 

In my opinion, it will depend on the divorce settlement agreement terms, the final decree executed by a judge and the post-divorce financial picture of your client. Its all speculation until legitimate updated docs prove your argument to Chase.

After the divorce is final then review your client’s financial picture at that time. At that point, he “may” qualify for multiple hardship reason codes, divorce, unaffordable dual household payments (counting the presumed vacant rental property after July), too much debt, etc.

A liz pendenz on his name title will prevent you from closing.

I would not even start the listing until the divorce is final.

 

Permalink Reply by Carl SanFilippo on March 19, 2013 at 2:43am

THanks SE!

Permalink Reply by Sheila Vardakis on March 19, 2013 at 2:43am

The lease ends in July and he won't be able to get another renter?  Is the rent property amount less than his monthly payment?  I personally would have him try and get a new renter before doing a short sale.   When July rolls around and he is not seeing any other way but to sell then I would entertain that option.  That's my opinion.  :)

Permalink Reply by Carl SanFilippo on March 19, 2013 at 2:47am

Thanks Sheila!

Permalink Reply by TOP END Properties on April 2, 2013 at 3:42pm

Why don't you just offer to re-rent the property?  The hardship is sufficient IF the property is vacant .. however, right now it is current and the rent pays for the mortgage.   Saying that the property will be vacant after the lease expires without even trying to rent it just sounds sketchy.