Parties Title and Mortgage Different
This is a new one to me. I am taking a new listing where there are three parties on the mortgage, but at the end of 2010 one of the parties deeded his interest to the other two. I have already advised them to check with their tax accountant/attorney. Has anyone run into this previously? Does it muck things up in the short sale process when one of the parties on the mortgage is not signing the listing agreement or purchase contract?
Mahalo!
Beth
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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the lender is going to care about who is on the mortgage, to be safe I would expect that all 3 need to send in financials
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Permalink Reply by Smitty on
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yep. All financials need to be presented. But only the parties that are on the deed need to sign the P&S. All three parties should be filling out all the other paperwork though.
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Permalink Reply by Michael Schneider on
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BofA absolutely insisted that both parties on the Note sign the P&S, although only one owned the property. (Divorce followed by quitclaim.)
Did not matter that it seems illogical for a non-owner to rep that the owner will perform....
Regarding the financials, I would report "household", meaning financials for those people contributing to the household expenses.
In my case, I reported one person's financials only, the owner/occupant. Not the other person on the mortgage. Nobody complained about this. The other party had no income/assets to speak of, but it never came up.
A gray area....
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