I am most likely going to need a contribution from a family member in order to attempt getting approved for a loan mod.
Does anyone know if reporting more income via a contribution could blow my chances for a short sale if the loan mod attempt fails because the lender could argue that there's just enough income to make the payments?
I would write my hardship letter to state that if we stay and get a loan modification then they would help but if the loan mod did not work or a short sale was done then they would not help. Something to that affect.
You should be fine.
Best Regards,
Maurice Bedard
Founder of LoanSafe.org
DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
Right, so make the contribution contingent on loan mod approval only.Originally Posted by Moe Bedard
Also - in no way is the contributing party considered a co-borrower that would be held liable for the new loan, correct?
Yes, Correct.........
Best Regards,
Maurice Bedard
Founder of LoanSafe.org
DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
Should I include the contribution income on the financial report or will just the contribution letter showing how much will be contributed suffice?
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