Three times in the last week and half we have been approached to short sales....soooo we diligently do our homework and initial interviews to see if a short sale is indeed the "best fit" or the only answer for the distressed home seller.
In each case, the "trusted spouse" who had traditionally handled the family finances,,,was hiding the payment for the mortgage....for "start over money" to pay the divorce lawyer,,,to get back at the soon to be former spouse. There was no regard for the children....credit ratings...perhaps not realizing, or for now, caring that they were also taking down their own credit scores in our marital property state. There was, in these cases, no understanding ofthe option of a short sale...or the consequences of foreclosure. No understanding by either spouse...and worse yet...little comprehension by any of the attorneys as to what would or could happen or could be prevented from happening. "I am not a real estate attorney, " was the standard answer. OK....so not every one knows every thing...but you would sure think there would be a basic understanding of marital property
From the school of "Know What You Don't Know"...know enough to advise your clients....or to direct them to the proper resources before they both bare the unnecessary burdens of foreclosure.
To every couple everywhere....living together, engaged or married..,,,make it an open book policy....no matter how much anger, hurt and finger pointing goes on...know that you are hurting more than your ex by not paying the mortgage. If finances become impossibly tight, talk to your bank, call a successful realtor who has proven successful and verifiable short sale experience...find out your options before the mortgage payments you chose not to make narrow the choices you once had for financial resolution.