Divorce and Short Sale Signatures - Posted by BigHarold

Posted by Peter_MD on November 21, 2002 at 13:06:17:


I’ll try my hand at the answers to your questions.

The lender may very well request the signature of the ex husband. Be honest with them and tell them the truth that he is difficult to find and leave it at that. If they require his signature, you’ll just have to tell them that it will take much longer to accomplish that task.

I would suggest you go ahead and prepare a complete package showing the owners/sellers getting absolutely nothing. Take many color photographs of the condition of the property to justify the repairs, replacements, and maintenance needed.

When you submit the completed package, put down an amount that you are willing to pay to retire the loan. If the amount does not cause you to blush when you talk about it, in my opinion, you are offering too much.

Stick to your guns. Don’t be tempted to offer any more?not even a dollar. They want to get rid of this non performing loan, but are going to make you play their game called the waiting game…and they want to see you blink first. They are attempting to determine your motivation for wanting the property.

Do other deals after you have submitted the package because it could take two days, two weeks, or two months. Don’t be tempted to think about it. When you least expect it, you will get your answer.

Do not, by any means, concern yourself with trying to salvage the owners/sellers credit. It is already trashed. Just tell them honestly that, if this goes through, at least a foreclosure will not show up in their credit report, however, emphasize to them that they will now need to rebuild their credit and it may take some time to get the late payments to disappear from the reports.

I wish you luck?it is a challenge?and definitely not for the weak at heart.

You can do it?just be patient and understanding and remember to stay in control 100% of the time or pick up your toys and move on.

Just the way I see this situation?

Divorce and Short Sale Signatures - Posted by BigHarold

Posted by BigHarold on November 20, 2002 at 06:59:49:

I’ve found a house that is going into foreclosure. The bank has agreed to a short sale, and is waiting for me to send them the package with all the information in it. Last night, I had the wife (she’s the only name on the deed, but both are on the mortgage) sign a quit-claim deed over to me and a limited power of attorney to handle the sale of the house, as well as a purchase contract for the house, with a blank amount. Seems like I have all I need from her, but the ex-husband is hard to reach. I need to get this to the bank like YESTERDAY. Do you think I’d be able to get this done with just her signatures on everything? As it stands, they owe way more than the house is worth, with back mortgages due from January 02, back taxes and everything else. I’m offering to get them out of this mortgage without ruining their credit. Why, if I were able to go through with this without his consent (because I have the quit-claim), would he have a reason to come after me later? Just trying to cover my bases while still getting this done quickly. Thanks.