First time I have heard that one. But I have heard of something related.
My guess is the banks will see through this and still go after him. He was the primary and the NOD was filed while his name is on the deed. If he tries to get his name off, they will suspect bank fraud. They won't care if he lived in it or not. And they won't care if they are still together or not.
The best bet is to do a short sale. Otherwise, both are going to have their credit dinged.
Tommy Lee SFR (Short Sale and Foreclosure Certified Realtor)
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I think there is a form you can fill out with the title company to keep the sales price off public records. However if that property was a MLS listed property, I'm not sure how to keep the sales price out of the MLS. You may want to call the San Diego Association of Realtors and ask that question or talk to a experience Realtor.... more
I would keep trying. I have not heard of this situation before. I am from the mid west and the people that I have delt with that have filed for bankruptcy or have been foreclosed have been able to find renals quickly. I assume some larger rental may have instructions for renal agents to follow that may be causing the problem. Either contact smaller complex owners, people looking to rent condos or houses, or considering giving the landlord a largers security deposit.
Hi Jeff - you're right, it's crazy out there! I'm a Realtor up in the Bay Area and I've had many first time home buyers have really good experiences using ACORN loan programs. You can find them at Acorn.org and then look for your local branch. It can take a little while longer to get through their program, but they offer reduced rates and great support. Up here, I have specific contacts I work with who manage the ACORN program through Bank of America and it can make things go faster. If you like, I could do a little research and try to find you a contact down there - just drop me a line. You sound like you're in great shape - great credit scores, good down-payment - and in this market, if you work with a good Realtor, you might even find some more affordable homes - especially in a softening condo market. Good luck!... more