I am taking a listing where the wife purchased the property in 2006, then married in 2008. Only the wife is on the WF loan, but the husband has been added to the title.


Should the husband be removed from title? Does the wife have to include the husbands income and assets (small 401k balance) to the Wells Fargo Financial Worksheet? There still is a significant hardship with his info.



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You only need the wife's information to qualify for the short sale. You don't have to remove him from title either but you could "quit claim" him without too much of a problem, depending on what state you're in. The lender will know that he is not on the loan so will not be asking for his financial info. When they fill out the WF financials, just make sure to only include her income.
Just the wife...she was the only one on the loan and was not married at the time of sale. Her husband's info will not be asked for nor will it be part of the short sale package. You should not have to remove him from title. Good Luck!
Thank you!
Quit claim him off and also provide a name affadavit. I just went through the same thing with Wells Fargo. Title company will provide you with everything you need. Good luck!

Las Vegas, Nevada
Is this in California? if so, yes, the husband needs to be deeded off. I went round and round with this with Countrywide a few years back. The husband purchased the property with all of his own funds, and that was documented, but CW insisted on having the wife basically deeded on and then deeded off. I know makes no sense right? The only way we got around it is my client is a lawyer.
As others have indicated, the financials are to be ONLY those on the mortgage/note. On the other hand, I have a tough time believing that a negotiator is going to ignore a spouse bringing in $1MM/mo that shows up in the bank statement. There are a zillion ways the negotiator can kill a deal. Doing so and going after the spouse of a rich person after foreclosure seems like a good way to get your money back.

People are people regardless of what the law says. I have an even worse setup. The wife got married again and closed her checking account, now has a joint account and doesn't want to submit it for the financials. Duh.. Could have thought that one through a bit. Why close the one account in the middle of a short sale? Gee, asked for the bank statements how many times while waiting for the bank -- and didn't think that maybe she would be asked for them...again??

So, despite what they are supposed to do, I'd prefer to keep things as simple and separate as possible, not do exactly the opposite. ;-)

I couldn't ignore the numbers myself. I don't see how a negotiator would, but they are supposed to.

You only need the wifes financial information, but the listing agreement and purchase contract has to be in both names, the husband is on title.


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