Hi, I am working a new Chase shortsale.  The loan was taken out in the name of the husband and wife.  They got divorced and the wife quit-claimed the property to the husband.  Now I am working on a shortsale with the husband, my question is, does the wife have to sign and submit all documents too?  She definitely has nothing to do with the property any more and is not living there.

 

I know I have worked one like this before, but for the life of me, can't remember how it worked.  Any help would be appreciated.

 

Cat

 

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CHASE will only require copies of the final divorce decree and it should state who the property was awarded to. You should also include a letter from the husband stating that the ex-wife will not participate in the the process and will not provide any financial documents

You can not to my understanding quit claim your financial obligation away. The last one like this I did, the ex-wife signed everything, I submitted the divorce decree which also put the property in the ex husband's name and they had a Quit Claim deed.  That short sale started too late and had little agreement between the formers. The property was foreclosed on and I assume they both took a hit to their credit.

In MN it takes one to buy and two to sell.

Tony may be correct - but I would ask Chase first.  A debt cannot be transferred from one debtor to another.  They are both responsible for the Mortgage no matter who the court awarded the property to.

True.. but not a question of who is responsible  but what are CHASE's guidelines.  I have done many divorce short sales with them and they won't require documents from ex spouse

thanks for all responses.  I will call Chase and find out their guidelines - just wanted to know if I was wasting my time if the wife wasn't willing to sign anything.  When I get a response from Chase, I will let you know.  Thanks Again!

 

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