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We are working with a realtor who has suggested that we do not put my name (wife) on the contract to submit offer for short sale. She said the bank won't want me on, and that my name would have to be removed later. What??? Plus, this is not the first contract she has written up for us. She had done another one that my name was on, but we were outbid on that sale and lost it.
My husband is the main earner in our family. I contribute less than $5000 a year, but we both have excellent credit, and we are not going through a divorce.
I do not understand why my name should be left off of any paperwork. We live in NJ.
Is your lender going to put you on the loan? With a mere $5k, probably not. If you're not on the loan, you do not need to be on the contract. It will save time later when the bank approves an offer/contract with both your names, and then see the financing with just one name and potentially takes days/weeks to re-approve things with your name removed. Your agent is trying to save you time. A short sale is not like a regular sale and will take months to process.
When you say bank , do you mean the bank that is going to approve the short sale , or the bank where you are borrowing the money from. Is there a reason that you want to be on the loan, is NJ a community property state? Do you have debt in just your name, ie credit card, car payment student loan?
In your original post, it looks like your realtor has the impression that just your husband is going to be on the loan and you are not. Later you said that your lender is going to put you on everything, so you should be on the loan. Maybe your agent is unclear of who is going to be on the loan. Is your 5K W2 income or are you self employed ? Does your husband need the 5k of your income to qualify? Is your student loan payments more then $180 / mo as a full non deferred payment? But it sound like just a misunderstanding.
It is quite common for only one spouse to be the Buyer and to qualify for the loan.
In that case, why bother the other spouse to jump through all the qualification and underwriting hoops?
I would hope the loan qualification would not be dependent on a 2nd income of $5000/year, or the OP is cutting it close. And the bank will make the wife sign off regarding the loan, anyway. It is debt brought into the marital union.
Then at closing, both husband's and wife's names are on the deed, so the wife has her interest documented. She may have full protection via marital rights, but better to be on the deed as an owner.
And, I'm sure that can all vary due to different marital property rights in different states. That is one reason that posters are requested to post their location.
Don't let the sales people confuse the issue. The lenders are the experts and do this many times a day so they have the higher priority. After the commissions are doled out, it will be only you and your lender left so work with them.
Don't let the sales people confuse the issue. The lenders are the experts and do this many times a day so they have the higher priority. After the commissions are doled out, it will be only you and your lender left so work with them.
Of course, there are often times when an experienced commission-paid agent is as knowledgeable as a commission-paid lender, or even moreso.
This may well be an example where the agent is trying to help the client, and a lender who is out of her league. If I was the buyers agent and a lender pulled what is apparently crap like this on me, her phone would ring.
Or was your post just a cheap shot with no attempt to put cogent fact or truth behind it?
Last edited by MikeJaquish; 09-25-2013 at 08:59 PM..
Our lender said she had never heard of keeping a spouse's name off. She said that she would put my name on everything as well as my husband's name.
This happens every day for various stated reasons.
I suggest you find an experienced lender who has been around the block at least one full lap.
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