Short sale question
Hello everyone,
Back in 2000 I bought my first home, I was married with children, in 2005, I went through a divorce, the house deed and mortgage was in my name only.
I tried to sale the house but was unable to do so. I remarried and bought a second house with my current wife. I was able to rent my first house.
In 2008 I lost my job and I decided to open my own business (In my wife's name) The business is not doing well and it is not paying me a salary.
The current renters defaulted on the payments and as domino effect I was not able to pay the mortgage for 2 months now. Renters are out, but the house needs major rehab, which I can't afford to do.
I spoke to my lender who gave me the option of a short sale. I was looking into the financial sheet. I don't have an income, but my current wife does, she pretty much carries the household expenses with her wage, we have a joined bank account. Will my lender consider her income even if she has nothing to do with my previous finance commitments? How should I proceed ? Thank you, any advise will be greatly appreciated.
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Keep it civil guys. Starting to get off track.
Ina nutshell complete the financial sheet based only on the borrowers financials. Income (even if zero) minus your expenses. Simple.
Then submit to the lender. The lender will dictate whether or not they want information from your spouse.
If they do just provide it. If they ask and you don't want to then they will probably deny the short sale.
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