I am preparing a Short sale package. My homeowner moved out of the property to an apartment about 6 months ago. So when preparing the financial statement, should I list the cost of rent or what they should have been paying for the mortgage? They haven’t paid the mortgage since moving into the apartment. I am thinking I should report the mortgage amount due to the fact that the mortgage payment caused the financial stress (not the apartment).
The mortgage payment is a current obligation, so I would include it as well as his current housing cost (rent)
So when preparing the financial statement, should I list the cost of rent
I think you should have the borrower fill out their own financial statement so you dont have a liability for wrong information.