Cathy Baumbusch
  • Female
  • Alexandria, VA
  • United States
  • VA
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At 7:41am on January 29, 2012, Jan Sanderlin said…

Hi Cathy, Please consider the situation...I understand your confusion...Wife deeded off of title, but is not without responsiblity.  If the Lender forecloses then the deed reverts back to the original owners and it will be as if the quit claim never happened.  So, yes, the wife has to acknowledge the short sale as she is still on loan but not on title.  She released ownershio but didn't release liability as she is still very much on loan, The only way that she walks away with out risk is if her husband had refinanced or they transfer title...She is still very much on the hook until lthe property transfers title through shortsale...She signs all of the bank forms but doesn't sign the purchase or list contract.  She is party to the short sale becasue she is still on loan but not party to the purchase or list...Think about it from the side of the bank...their main issue is liability in all situations...I have done too many of these and know the drill, also spent 13 years in corporate and retail banking...Bank's mantra is liability, liablility, liability...and how to minimize this...



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