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1st will be clear- 2nd mtg heloc- with only ex husband- on that loan

Posted by Paul May on August 14, 2011 at 3:44am in Short Sale Discussions
So here is my scenario- husband and wife have divorced with the wife still living in the home- currently both are still on title- the first will be paid off - they are both on that mtg- the second heloc for approx $200k will have a loss between- $20k to $30k- the second is only in the husbands name-  I know need both the husband and wife on the contracts, but here's my question- To conduct the short sale negotiations can I just submit the husbands info to loss mitigation, or do I have to submit the wife's info as well? 2010 taxes were filed jointly, but the divorce is final and the wife would prefer to stay off the 2nd mtg documentation since the husband was the only one on that heloc? Advice? Solutions? Thanks for your replies.

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Replies

  • Becky Martin August 15, 2011 at 3:37am
    I submitted only the husband's financials to the 2nd which was Chase and ended up settling before 1st approval with Chase for 3K on 100K HELOC....
  • Paul May August 14, 2011 at 8:06am

    Thank you Brian for your input--- Yes, every deal has its twist. Luckily even though my sellers are now divorced, the are acting amicably. I hope to have a clear picture of how to proceed once we start discussions with the 2nd mtg holder.

    Thanks Paul May

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