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Can a lender factor in owner on title but not on loan?

Posted by Keith Kyle on October 5, 2011 at 5:19pm in Short Sale Discussions
Hoping for some insight on short sale in which one owner on title is not on the loan.  Can the lender factor in the 2nd owner's income/assets?  I'm trying to get owner 2 quitclaimed off title but they're resistant.  Anyone know if the lender can factor them in at all?

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Replies

  • Brent Innocenzi October 6, 2011 at 3:12am
    I am also confused as to why owner #2 would not be into being quit claimed from the property. The only Lender I've ever had give resistance on a situation like this was Wells Fargo and the quit claim deed immediately handled it.
  • Bryant Tutas October 6, 2011 at 12:13am
    The lender will only care about the person on the loan in most cases. I have had cases where the lender did consider the other persons income but usually only when they were married. Why in the world would someone be hesitant to be removed from title on a property facing foreclosure? That makes no sense to me at all.
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