Tax Returns
What is the worse case scenerio? I am trying to do a short sale on a property, in California, that I have owned for years prior to my getting married. The home has always been in my name only, regarding the loan and the title and payments. My husband has zero to do with my property. My income for the past two years has not been good at all, and we do not own any property jointly. With my income I'm sure I would qualify, however, we have filed joint tax returns for the past two years. His income is good, and I am very reluctant to turn over tax returns, since they will see his income, assets etc. any advice would be appreciated.
Replies to This Discussion
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Permalink Reply by Melanie Ross on
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We have a short sale in progress similar to this. We gave all tax returns as requested and their banking statements are together yet one spouse was not part of the loan. We have approval on the first loan and working on approval on the second as I write this. Bottom line we gave the bank the documents and tax returns they asked for and if the spouse was on it, we just have to take it a step at a time. The bank will consider the short sale and it is important to give them the documents they are asking for. IF they question then you can explain. Your husband was not part of the loan to begin with and that is what you need to stand by with.
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Permalink Reply by Bryant Tutas on
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Tina. You really have no choice but to send the lender your tax returns. Your financial position is what it is. The lender will take into consideration family income. When your husband married you he accepted you and your debt. Worse case scenario? They ask for a cash contribution, a promissory note or both.
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Permalink Reply by Tina Smith on
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Thank you both for your input. We just got back our 2010 tax returns and his income actually wasn't great this year, so maybe it won't be a big deal after all. The worse case scenario is not that bad, considering I have a choice to negotiate the contribution, or refuse to sign a prosmissary note. Thanks again!
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Permalink Reply by Linda Susan Fox on
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Most lenders will not approve a short sale without financials that include tax returns. You as the owner do not determine if you can sell your home as a short sale the lender decides this. I would speak with my CPA and Real Estate Attorney regarding how to approach this with the lender or lenders. If you are determined to do a short sale then just lay all your cards on the table and see what the lender requests. It is important to make sure that speak with your professions, especially your realtor about what you will need to complete a short sale transaction and what the lender requires you to submit with the short sale package.
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