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URL:  https://boards.fool.com/hardship-forbearance-31720360.aspx

Subject:  Hardship Forbearance Date:  4/20/2015  8:30 AM
Author:  HitAnyKey42 Number:  309169 of 312901

X-posting this here on Fuskie's suggestion:

Within the next day or two I'm planning to file with my bank (Credit Union that holds my Mortgage) for a hardship forbearance (Fannie Mae Form 710 "Uniform Borrow Assistance Form"). I'm trying to figure out how to fill out the form with regards to all the info it asks for (household income/expenses/assets/etc).
First quickly here's some pertinent info:
Got married in 2013
Wife still owns her own condo in MI (which she is renting to a friend of hers), has her own car loan, student loans, etc.
I'm the only owner/borrower on my NY condo. I was laid off end of last year, so collecting unemployment while searching for work. This is one of the reasons for filing for the forbearance. If the condo doesn't sell in the next few months, we'll be completely out of money (with my severance having been drained due to the negative cash flow).

So the form asks for Monthly Household Income/Expenses/Debt Payments/Assets/etc. Am I correct that I list just everything related to me? My Unemployment Income, Mortgage, HOA, Personal Loan, Car Loan, Student Loans, etc? And then for the assets, since we have everything in a joint account do I just divide the total current balance in half?

And I just ignore all her info? (salary/her mortgage/auto&student loans/etc)

The guy at the bank that sent me the form to fill out doesn't even think I'll get approved for the forbearance, but I want to try anyway. Anything to help us make it through until this stupid condo gets sold (and so I don't have to just stop making payments and go into Foreclosure) will be a help, and my monthly payment on it is a bit over $1000/month.

So any info anyone can provide or any other insights or help would be appreciated.

PS. Yes, I already know this would put a dent in my credit rating (it's currently very high, so should bounce back quickly enough...I hope). If it's not good enough when we ready to buy something, we'll just use my wife's credit score.
PPS. I've already talked to my bank, and they won't discuss short sale options unless there is actually an offer from someone on the table. I already have the condo listed for $5k less than I owe, so can't really drop the price any further without knowing the bank would accept a short sale. So the only thing I can hope for is that either someone buys it for list, or puts out an offer that is lower which I can then take to the bank.

-Eric
Who flinches every day when I look at our monthly budget to see our cash balance go negative (even after budgeting in selling over $6k of stocks) by September
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