SS With Divorce Option
I am working on my 2nd SS deal. The current homeowner is going through a divorce, where her husband left her and is not assisting with the mortgage payments. Her friend asked me to help with a Short Sale of her property.
Can anyone tell me what the easiest method is when dealing with homeowners going through a divorce. I want to make sure all my paperwork is properly created and signed. I also want to make sure there are no legal issues due to the sell of the property while the divorce papers are in the hands of the court system.
Other than the divorce, it seems like a typical short sale deal. Homeowner is upside down on the mortgage and simply wants out since she cannot handle the monthly payments alone.
I welcome your comments.
Sincerely,
Brian
The simplest way would be for the husband to Quit Claim the home to the wife. Are they still friendly enough for you to prompt them to do this?
[addsig]
That kinda sorta makes it simpler, especially when it comes time to sit at the closing table, but the QCD will not relieve the husband from his responsibility to the mortgage. He will have to cooperate in the short sale process by providing updated financials, letter of hardship, etc.
Its best to get all this info early on in the process when levels of cooperation are strong.