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Permalink Reply by Bryant Tutas on February 27, 2011 at 8:18am

Smitty. You need financial info for every person on the mortgage. Suggest that the son deliver a $50 fax machine to dad and teach him how to use it. It will make things much easier once the short sale progresses.

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Permalink Reply by Abraham Walker on February 27, 2011 at 5:02pm

@Bryant - What a smart idea? Instead of bringing the fish to the man, teach him how to fish. Nice.

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Permalink Reply by Bob Bridge on March 1, 2011 at 3:18pm

If they are both on Mortgage then yes you will need separate everything (financial statement is banks forms combining borrower and co-borrower) . If one is just on deed or title then you only need the Borrower info.

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Permalink Reply by Kristy Hamilton on March 6, 2011 at 10:15am

If both are on the mortgage, then I would collect from both - two (2) third party authorization forms, two (2) sets of bank statements, two (2) sets of pay stubs, two (2) sets of past two years of tax returns, two hardship letters, two lists of income/expenses sheets.  Two (2) being one from the father and one from the son.  It is possible that the deed is in the name of the father AND the son while the mortgage is ONLY in the name of the father.  If that is the case, you should only need info from the father.  A title search should give you that information rather than having to bring up the issue to the lender.  I am learning that each lender has it own set of rules and some loans have different rules even with the same lender.  The father could go to a UPS/FedEx branch to fax documents in order to save time with return.

 

Best wishes to you and your transaction!

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