My client wants to modify if at all possible. Loan is with Wells Fargo, and I am pretty sure it is Freddie Mac (I did a BPO last month and it indicated it was a Freddie). In their divorce the house was awarded to the husband. Wells Fargo is telling him that they have to consider both incomes for establishing income for the modification. I would disagree with that. Anyone have anything that can help them? I don't want to see them do a short sale and hope to see them hold on to the house until the market is better and their kids are grown.
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Yes... they are both on the loan.. so they will consider both income..
Responsible, yes. Regardless of what happens she signed the note. What I am wondering is if in the case of the modification........does her income get included?
Tara - Despite the divorce and the transfer of deed, the mortgage would not have changed. The ex-spouse is still responsible.