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?

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Permalink Reply by Jan Sanderlin on July 31, 2012 at 5:04am

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

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on July 31, 2012 at 5:26am

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.

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