Home Selling in Orlando>Question Details

Sue Garcia, Other/Just Looking in Mobile, AL

Does anyone know if only one spouse is on the mortgage to a short sale property... if the other spouse not on

Asked by Sue Garcia, Mobile, AL Sun Jun 22, 2008

the loan can make an offer?

Help the community by answering this question:

Answers

4
I don't think so. I may be wrong, but to my understanding in the state of Florida even if the spouse is not on the mortgage they still have to sign the contract. If you were married when you aqquired this property your spouse is probably on the deed anway. Is this your homestead property?
1 vote Thank Flag Link Sun Jun 22, 2008
Stacey, I am not a lawyer, but I believe that what you are speaking of is technically mortgage fraud, and they may prosecute you and they may ask you to sign something at closing that states this, as Christopher stated.
0 votes Thank Flag Link Mon Jun 23, 2008
Stacy,

It must be arm's length, not even another family member can place an offer on the home.

Have you, scratch that I'm sure you have tried to work it out with the bank in the way of no loan reset to a higher interest rate or lowering the interest rate. Some times even if the bank has been alienated you can work out a long term plan, it may take a while to recover but we all have our up's and downs.

I understand what you are going through as my family has gone through some tough times in the past, you will get back on top, don't stop.

Dave Lowe
407-330-0060
Web Reference: http://two4one.com/orlando
0 votes Thank Flag Link Mon Jun 23, 2008
The banks typically want to see an "arms length transaction", which would exclude spouses. I've even seen a short sale approval letter from the bank where the seller had to sign agreeing that it was an arms length transaction, and if the bank found out otherwise, they would prosecute.
0 votes Thank Flag Link Mon Jun 23, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer