Advice Needed In Following Short Sale Situations
I have following possible three Short Sale situations:
1. The homeowner is behind mortgage payments. His wife left him. His wife's name is also on the mortgage. When I called the lender about Short Sale, they informed me that they will not talk to me till they discharge the bankruptcy, which wife had filed a few days ago without telling her husband.
2. The homeowner was behind mortgage payments. He paid the money after receiving Notice Of Default. However, because he is having health and personal problems, he wants OUT. He also has taken a Home Equity Loan from another lender. The house is not in good shape. It needs repairs.
3. The homeowner was behind mortgage payments since one moth after buying the house. He got divorced and moved out. His wife is still living in the house. He asked me to see the house from outside. It seems he is not on speaking terms with the ex wife. He wants OUT. Only his name is on the Mortgage.
Please advise how to go about doing the Short Sale in above situations. Your help will be highly appreciated.
Thanks
Spend a few hours reading the archives on this, TCI, library/wealth of information.
I'd recommend starting with
"Prequalify a Short sale Candidate"
#1. Without knowing the Chapter, and the wife's intent, you'll just have to wait and see.
#2. Determine it's as-is, FMV. Guestimate the amount of liens/encumbrances, see if SS is indicated.
#3. Is the spouse's name on the deed?
What about community property laws in your jurisdiction?