Can a lender factor in owner on title but not on loan?
Hoping for some insight on short sale in which one owner on title is not on the loan. Can the lender factor in the 2nd owner's income/assets? I'm trying to get owner 2 quitclaimed off title but they're resistant. Anyone know if the lender can factor them in at all?
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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The lender will only care about the person on the loan in most cases. I have had cases where the lender did consider the other persons income but usually only when they were married. Why in the world would someone be hesitant to be removed from title on a property facing foreclosure? That makes no sense to me at all.
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Permalink Reply by Brent Innocenzi on
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I am also confused as to why owner #2 would not be into being quit claimed from the property. The only Lender I've ever had give resistance on a situation like this was Wells Fargo and the quit claim deed immediately handled it.
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