When you contact the lender requesting a forebearance does the seller whom I’m doing the deal with need to write any hardship letters or is this something I can do on her behalf once she signs the authorization to contact the lender. I know sometimes lenders want to know why you’re requesting a forebearance my seller is moving out of state on the 15th so I want to make sure I’ve done everything before she leaves. Thanks
Investor In Ohio
If you are just requesting a forebearance you should not need a hardship letter. What you will need is the sellers financial declaration. That meaning a detailed listing of all assets, liabilities and income. Most lenders have a specific form they use for short sale to document this, so call them up and ask them to fax this to you.
Are you planning to negotiate a favorable forebearance agreement and then pick it up sub2?
bovine, doesn’t he need the hardship letter to tell the lender why he needs the forebearance, when the hardship started and to pretty much explain the financial declaration?
I can only speak from my experience but homeq did not even ask me to fax in the financial declaration. I just told them over the phone all the info. Another lender did have me fax in the declaration.
In summation in all depends on the lender. So if you have the chance to, get as much of the info as possible.
what exactly is a forebearance?
A forebearance is a temporary supension of repayment that is granted under hardship circumstances
the lender takes the past due amount and puts it on the back end of the loan, bringing the loan current. the pmnt can go up in some cases.