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

3
Get advice from BOTH an attorney and an Accountant ! Only after you
make these consultations do you consider a short sale! Get the
help you need ! Realtors can " make it happen" but best to get
a complete review from the Legal and practical perspectives first!
Best of success!



Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Thu May 16, 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
You have to speak to an attorney & tax professional. Many of the questions you're asking are in the purview of law - real estate licensees cannot dispense legal advice.
0 votes Thank Flag Link Wed May 15, 2013
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