Will Bank Talk To Us With Just One Signature?
Hi!
Working on a short-sale where an adversarial divorce is involved.
The seller (wife) is on the title and both her and her husband are on the first and second. She would like to keep the husband out of the transaction and was wondering if he needs to sign the Authorization to release, the P&S, etc. I would think so, but wanted to verify.
Does anyone have any suggestions how to best deal with this scenario?
thanks!
posherov
They'll probably speak with you on just one signature... but if you don't have the cooperation of the Seller (all parties) then you should not spend too much time in pursuit of a short sale.
If you have the cash... you could purchase the mortgage via an assignment... which would circumvent the Seller.
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SSP, What is an assignment and how does it work?
from TSSP's Primer's Glossary:
Assignment Written document by which property, other than real property, is transferred from one person to another. Assignment of mortgage, assignment of deed of trust, assignment of lease, assignment of rentals, etc. are common assignments. The "assignee" receives the property assigned.
To purchase a mortgage via an assignment, you would 1) pay, and 2) step into the former mortgagee's shoes.
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