Do I need wife's financials?
I have a homeowner who would like to do a short sale on his home. The home is only in his name and so is the loan. He got married and move to a new home with his wife. He tried to rent out his previous home but tenants come and go so the rental income is not steady. He can no longer manage both loans. When approaching Wells Fargo for the short sale, will he have to submit his wife's financial information? It seems that he will have to because he will want to show the corresponding expenses of the current home in his overall financial picture. His wife is trying to stay out of this but when he submits tax returns, she files jointly with him. Will she have to submit pay stubs and bank statements as well?
Replies to This Discussion
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Permalink Reply by Smitty on
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My rule of thumb is if they didn't use the spouses financials when they approved him for the loan, they don't need it for the short sale. So FAR knock on wood that has worked for me, however I can see the day a lender will ask for a spouses paystubs, etc. If she is on the deed, she will have to sign the P&S and that's it. I closed a file two weeks ago with this very situation. I only used the husband's information, signatures, paystubs.
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Permalink Reply by Becky Martin on
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I agree with Smitty! I don't give anything they don't specifically ask for and always just the note holders financials...
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Permalink Reply by Kimberley Kelly on
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Just the note holders financials..nothing more.
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