Financing in Boynton Beach>Question Details

donnaattusca…, Home Buyer in Boynton Beach, FL

I have to file separate married because my wife has assets and I need to do a short sale . The property is in my name. I need to do this for

Asked by donnaattuscany, Boynton Beach, FL Wed May 15, 2013

Showing I am insolvent. If my wife has a 401k in assets, do they consider half of that as my asset in my return. If they do I may not be insolvent and then cannot -afford to do a short sale.
Any recommendations of this holds true.?

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Answers

2
If the mortgage is only in your name, then only your assets will need to go on the financial statement, as part of the Short Sale package. If your wife is not on the mortgage, then she will not be part of the short sale. Only the borrower is affected. Feel free to call us with any questions.

Eli Givoni
Short Sale Department, LLC
561-361-1909
eli@shortsaledept.com
http://www.shortsaledepartment.com
0 votes Thank Flag Link Tue May 21, 2013
Hi Donna,

Your best advice would come from an attorney or accountant. Let them guide you through your choices. I can refer you to an attorney if you decide you need to declare bankruptcy or to try to do a short sale on your property.

The person who is not on the mortgage should not add to your assets nor should their credit be affected if you file for a short sale on your house.

If you try to do a short sale there should be no costs to you when you hire a Realtor to process the paperwork. We would get paid at closing by the bank that currently holds the mortgage.

Please contact me directly if I can be of further service. I am located in Boynton Beach and will be happy to help

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
0 votes Thank Flag Link Wed May 15, 2013
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