Comment

Comment by Jenny L on June 27, 2017 at 12:53am

Well, I spoke with WF today and they confirmed that unless the co-borrower signs there is really nothing that I can do.  I do not have a negotiator to speak with because the listing agreement has not been signed therefore I have no buyer at this point to submit package to the bank. 

Would anyone suggest that I submit in writing to the bank anyway and see what they say?  Which department??  This is so messed up!! 

And to top it off the co-borrower has threatened to sue me because I will not agree to use her attorney.  So she will not sign the listing agreement because I do not want to utilize her attorney, which means the house will most likely be foreclosed on then...how is that my fault and what in the world does she think she can sue me for?

Comment by Jan Sanderlin on June 26, 2017 at 11:08am

@Jenny, I have successfully completed several short sales where there was a non resident person on loan and/or title.  We wrote letters of explanation as to why they had abdicated their interest in the property.  We did not use their financials nor did we have them on the contracts.  They did however have to sign off of the Grant Deed and any short sale documentation provided by the Bank. Make your case to your short sale negotiator and ask what they would need to make this happen. If you don't ask you will never know!

Comment by Thom Colby CA Brkr 888-391-5245 on June 26, 2017 at 10:54am

I've only had ONE out of hundreds of short sales I've completed where one person would not participate.  The wife was so angry she filed BK, divorced him and moved out of state which forced the husband to file BK.  The guy threatened the bank (in writing) that he would burn the house down before he would leave unless they paid him $50,000.  I dropped the listing and finally 5 years down the road the lender foreclosed.  Even the Sheriff knew about him and wouldn't intervene.  BTW, this was a $1+ Million home.  It was so not worth it.

Comment by Jenny L on June 26, 2017 at 10:35am

I figured as much...just wanted to ask.  Spoke to Home Preservation Specialist who stated that pretty much we are screwed if she doesn't sign it. 

Thank you to all who responded.  Much appreciated!

Comment by Deb Clark-Wyles on June 26, 2017 at 10:31am

I have had success with other banks saying that the co-borrower refuses to participate and that the borrower and co-borrower are not speaking and the co-borrower is refusing to pay anything toward the loan and has basically walked away from their partnership.  I have had that work a couple of times. I make it a big part of the hardship letter. A quit claim does you no good, since that doesn't remove them from the loan.

Comment by Thom Colby CA Brkr 888-391-5245 on June 26, 2017 at 10:19am

The co-borrower is equally 100% responsible for repayment of the loan as well as responsible to participate in the short sale process.  If they do not participate, there likely will be no short sale.

Comment by Short Sale Superstars LLC on June 26, 2017 at 10:11am

It's highly likely they will want the co-borrowers financials and that they would need to sign the approval letter too or any affidavits. They shouldn't need to sign the listing if they aren't on title right? It's possible the mortgage servicer wants them added back to title though too, I've seen this at times.

Comment by Melody Medley on June 26, 2017 at 10:11am

I send a letter of explanation as to why you are removing the co borrower along with the quick claim deed. It helps if the co borrower is not living in the property and is not contributing in anyway. I include this information in my letter of explanation as well. 

Comment by Jenny L on June 26, 2017 at 10:06am

The co-borrower's name was quit claimed off of the deed when we were doing mediation to hopefully eliminate the need for her financials since she did not reside in the property.  Do you think the bank would be willing to assist or not unless both parties were in agreement?

Comment by Short Sale Superstars LLC on June 26, 2017 at 10:02am

Borrowers need to participate in short sales. If they were on title only they could just get off, but if they are on the loan, it's potentially a huge problem if they don't cooperate as they can't get off the loan. I've seen this many times.

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