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

9 Replies

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?

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:

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.

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

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.

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

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

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!!!

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.

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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