Hardship letter shows a hardship that is beyond their control - illness, job loss, death, divorace, etc. Buying a house as a "gift" for someone that you or the receipiant can not afford to maintain is just a really bad financial decision.
Just pick your best angle and go for it. Over analyzing causes paralysis. Just be sure to state that the father had a job loss, divorace, illness, etc. Since he is the one personally responsible.
" I want both banks to know that she is ultimately responsible for the payment. "
While she may be obligated to Dad, she is not obligated to either mortgagee unless/until she is on the mortgage note.
Dad and only Dad is on the hook. No need to involve/complicate matters with the Daughter's dilemma. She has no standing.
[ Edited by keedaah on Date 12/16/2005 ]
"I will, however, include in the hardship letter that he purchased the home for her."
That, in my opinion, would be a mistake.
[ Edited by keedaah on Date 12/16/2005 ]
Hardship letter shows a hardship that is beyond their control - illness, job loss, death, divorace, etc. Buying a house as a "gift" for someone that you or the receipiant can not afford to maintain is just a really bad financial decision.
[ Edited by keedaah on Date 12/16/2005 ]
Another point to the hardship letter. From my understanding it's generally better for the homeowner to write it, not the investor.
Just a thought.
Ryan J. Schnabel
Just pick your best angle and go for it. Over analyzing causes paralysis. Just be sure to state that the father had a job loss, divorace, illness, etc. Since he is the one personally responsible.
Brenda
[ Edited by keedaah on Date 12/16/2005 ]