spouse: Short Sale When Only One Spouse Is On The Loan - 05/11/11 12:46 AM
Sometimes loans were made with only one spouse on the loan. What happens to the non-borrower spouse when a house goes into foreclosure or sells at a short sale?
If someone is not on the loan a short sale should not impact their credit or ability to obtain future loans. This should be verified with an attorney and a mortgage broker.
First of all, how did it happen that only one spouse is on the loan? Possibilities include;
One spouse had better credit than the other and enough income to qualify for the loan. One spouse already owned the house and … (1 comments)

spouse: In a Divorce Can I Short Sale My House To My Spouse? - 05/09/11 11:09 PM
In a divorce situation there are often contradictory needs that cannot be fulfilled at the same time.
One spouse wants to remain in the house, especially to preserve the children’s habitual residence. However, the new financial situation may render the monthly mortgage payment unaffordable and there may be more owed than the house is worth.
A short sale is viable way to sell the house and get rid of the mortgage. The lender lets the house sell for market value, even if it generates an amount SHORT of the payoff.
This sometimes leads to the question:
Can one spouse short sale … (2 comments)

spouse: Foreclosure and Divorce in Louisville – Beware When One Spouse Gets The House and The Other Gets The Mortgage - 09/10/10 02:56 AM
When the divorce agreement awards the house to one spouse and the mortgage obligation to another, this could spell great peril. The spouse in the house often doesn’t know if the "mortgage spouse" stopped making the payments.
The billing address usually gets changed to the mortgage spouse's new address. The spouse in the house does not get any late notices about non-payments until it’s too late.
Even though house spouse can claim that the mortgage spouse is in contempt of the agreement, the damage is already done. The back payments and legal fees often make it too hard to catch up … (2 comments)

 
Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827)

Dave Halpern

Louisville Short Sale Expert

Louisville, KY

More about me…

Keller Williams Realty Louisville East (502) 664-7827

Address: 1230 S. Hurstbourne Lane, Louisville, KY, 40222

Office: (502) 664-7827

Mobile: (502) 664-7827

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog