Forum

Parties Title and Mortgage Different

Posted by Beth Thoma Robinson R(B) SFR on September 14, 2011 at 10:15am in Short Sale Discussions

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

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Michael Schneider September 15, 2011 at 7:03am

    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....

     

  • Smitty September 15, 2011 at 2:30am
    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.
  • Jeff Payne September 14, 2011 at 10:38am
    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
This reply was deleted.
********************************** like buttons ************************