Community state rules in AZ: Help for homeowner who wants a short sale but is now married.

I need help. I have a client who purchased an AZ home prior to her marriage; she is now married and AZ is a community state. When qualifying for a short sale  will Chase ask for his income and assets even though he is not on the mortgage note. Does the nature of being a community state change the qualification for a short sale?

Views: 100

Replies to This Discussion

He's not on loan so he is not party to fiancial disclosure...There are probably joint returns, so you will have that to deal with.  He will have to deed off of title at close of escrow because of the community property state.  Try and keep the bank statements and income as separate as possible when you are submitting your short sale package.  What is the hardship??? This might help smooth things along and make some of the financial comingling issues a moot point. Good luck, I have completed many of these.  Your hardship is a key ele.ment

If only SHE is on the loan, then ONLY she will have to provide financial info. As Jan said, try to keep the two as separate as possible. This is HER DEBT, not his.



© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************