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Old 08-26-2015, 12:50 PM
 
19 posts, read 10,326 times
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My son is getting divorced and has to get rid of his house, in Kannapolis. What are your thoughts , short sale or deed in lieu? thank you for your help
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Old 08-26-2015, 02:34 PM
 
Location: Mooresville
64 posts, read 71,034 times
Reputation: 37
Why doesn't he sell the home and save his credit.
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Old 08-27-2015, 05:12 AM
 
Location: Mooresville, NC
191 posts, read 315,982 times
Reputation: 67
Most banks won't accept deed in lieu anymore. I agree that trying to sell is the best course of action, it will need to be for sale anyway for a short sale. He should consult an attorney to see if they can negotiate what will happen to the difference between what the home sales for and what is owed. The bank will need to approve his short sale and it may be a lengthy process. If they are not behind on payments then he will need to prove financial hardship, which divorce alone may not qualify him for. If there is a first and second mortgage they may be able to take the second mortgage with them after a sale as an unsecured line of credit depending on the amount.
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Old 08-27-2015, 07:20 AM
 
Location: Union County, NC
1,891 posts, read 5,541,128 times
Reputation: 749
Also remember that if it is a divorce, the wife will likely need to sign all paperwork involved with the listing and/or sale.
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Old 08-27-2015, 08:28 AM
 
900 posts, read 1,392,829 times
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It's also important to have an agent know what they are doing. You list the house at X. Then every two weeks you reduce it by Y, till you get under contract. Much better to short sale than to foreclosure.
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Old 08-27-2015, 11:14 AM
 
Location: NC
6,032 posts, read 7,511,580 times
Reputation: 6350
Need more details..... could he afford it on his own?
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Old 08-27-2015, 03:57 PM
 
19 posts, read 10,326 times
Reputation: 22
Thank you all for the advice! I will pass it along, both options are better than foreclosure, but needs to happen asap. The research shall continue, although, deed in lieu, he said, would hopefully be much quicker
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Old 08-27-2015, 05:30 PM
 
Location: Southport
4,639 posts, read 4,760,479 times
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Why does it have to happen asap?
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Old 08-27-2015, 06:03 PM
 
Location: Indian Trail, NC
921 posts, read 1,850,524 times
Reputation: 373
south.charlotte and union is correct. Even if her name is not on the deed or the loan, she has to sign her consent for him to sell the house in the state of NC.
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Old 08-28-2015, 02:02 PM
 
19 posts, read 10,326 times
Reputation: 22
He can't support two mortgages any longer.
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