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Forums » Short Sales » Wife not on mortgage does she have to sign purchase agreement?

Wife not on mortgage does she have to sign purchase agreement? Subscribe to Wife not on mortgage does she have to sign purchase agreement?

10 posts by 8 users

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Matt Whiteside

Real Estate Investor · Geneva, Illinois


Forum_avatar_avatar-mattvw

Jul 26 '10, 11:11 AM

I have a couple looking to short sale their home. The mortgage is in husbands name only as well as the second. Wife waived her right's to the house. Now she is on the Lis Pendens. Do I have to have her fill out her info when submitting a ss package?


Richard Warren

Real Estate Investor · Las Vegas, Nevada


Forum_avatar_avatar-rehab702

Jul 26 '10, 11:24 AM

If she's on the Lis Pendens she is probably on the deed. I would think you would need it but I'm not a SS expert by any means.

:cool:


Curt Davis

Wholesaler · Memphis, Tennessee


Forum_avatar_avatar-curt

Pro

Jul 26 '10, 12:10 PM

Matt,

You should forget about the whole SS. They should really be called a Long Sale b/c they always take forever and are not worth the hassle.

Small_buymemphisnow_stacksCurt Davis, buyMemphisnow.com
E-Mail: crtdavis@gmail.com
Telephone: 901-881-0552
Website: http://www.buymemphisnow.com
Full Service Real Estate Investing in Memphis TN


Herb V.

Real Estate Investor · Vicksburg, Michigan


Forum_avatar_avatar-herbster

Jul 26 '10, 01:21 PM

Curt its a good thing I can't reply to your opinion on this site. That was a P__S poor answer if I ever heard one. Herb


James Ward

Real Estate Investor · Ocala, Florida


Forum_avatar_avatar-crosswind_

Jul 26 '10, 09:27 PM

Matt,

The wife is probable on the Deed. As for having her fill out any Short Sale info, it really depends on the Lender. Some Lenders want to see ALL income in the entire Household. While some just require the info from the person on the mortgage.

Have her fill out all info, so you donot waste time and have to return if the Lender ends up wanting her info also.

As for Curt's complaint, many people complain about Short Sales. But no one is forced into Short Sales, so if you don't like them, don't do them.


Bill Gulley

Real Estate Investor · Springfield, Missouri


Forum_avatar_avatar-financexaminer

Jul 26 '10, 09:56 PM

Hi, as mentioned, she may be on the deed, but she has a marital interest in the property regardless of her being on the deed or mortgage. When notice is given, it's to all those who may have an interest in the property. You should include her in your package, but if there ends up being a deficiency (shouldn't be) make sure the deficiency is not attached to her. Takes one to buy, two to sell. Good luck, Bill

Edited: 07/26/2010 at 10:12PM by Bill Gulley


Maryann L.

Real Estate Investor · Methuen, Massachusetts


Forum_avatar_avatar-smitnlit

Jul 27 '10, 02:00 AM

Hi Matt,

If I'm ever unsure, I have both homeowners sign everything. Usually one can be on the deed and not note. I have one situation where that is the case right now. Husband and wife on deed and only he on the note. I use his financials for the short sale because it was his finances that were used to get the loan.

More for the rest of us Curt. :D


Dave Stevens

Real Estate Investor · Wayne, Pennsylvania


Forum_avatar_avatar-cdsi

Jul 27 '10, 02:50 AM

Originally posted by Curt Davis
Matt,

You should forget about the whole SS. They should really be called a Long Sale b/c they always take forever and are not worth the hassle.


That was helpful!!!

Matt Whiteside

Real Estate Investor · Geneva, Illinois


Forum_avatar_avatar-mattvw

Jul 27 '10, 02:53 AM

Thanks everyone for the feedback. I kind of figured she would have to fill everything out, so that's what I'll do just to be on the safe side.


James Ward

Real Estate Investor · Ocala, Florida


Forum_avatar_avatar-crosswind_

Jul 28 '10, 08:55 PM

Great decision Matt. I usually get info from all adults in the property just to be safe.

If you have more questions, just let us know.




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