topic Re: Marital Separation & Short Sale in Mortgage Loans

Marital Separation & Short Sale

china77 — Thu, 06 Mar 2008 19:59:49 GMT

Hi everybody,

I would like to know if someone can please advise me on the following issue...

My husband and I have been legally separated with a notarized marital settlement agreement (about 6 months now) and he's having a really hard time to pay for the house where we used to live together and which the mortgage is only on his name. Due to our continous fights, I moved out of the house last year with my kids but he has called me and asked me to sign papers for a short-sale of the house that he's kept since I moved away. I've been told that the short-sale he's working on would not hurt my credit since I'm not on the mortgage only on title, but I'm concerned about it. I've restored my credit since the separation and have been working to buy a home for me and my daughters and don't want my credit to be affected by his short-sale. Can someone please advise???

Thank you!

China77

Re: Marital Separation & Short Sale

Junejer — Thu, 06 Mar 2008 20:17:52 GMT

Hi China, and welcome to the forum. If you are on the title only, you will be okay for the mortgage. If I were in your shoes, I would sign the short-sale (he is the only one contractually obligated, but it was your homestead, so you are on title). I don't see how you will be hurt through this.

Re: Marital Separation & Short Sale

Anonymous — Thu, 06 Mar 2008 20:26:50 GMT

you may also want to move this over to the mortgage forum. i hear there are people over there in the mortgage business that may have more details for you.