Community Property short sale?

Question by miit: Community Property short sale?
Me and my wife are going through divorce. We bought this house in California in2005. Two years she moved to France. I stopped paying mortgage six months ago. It’s not foreclosed yet and i think it’s only the matter of time so i moved out of the house. Now one of the realtors told me that I should try to short sale the property. But i don’t know if I can do it or not.

Best answer:

Answer by DeeDee
as long as you are legally married, your wife will still need to sign a deed to a new buyer in the event you find one.

Know better? Leave your own answer in the comments!

One Comment/Review

  • loanmasterone says:

    California is a community property state. The only way you can sell the house on a short sale without your wife is that at the close of the sale transaction in 2005 she signed a quit claim deed prior to the escrow closing.

    If she did not sign a quitclaim deed then you can not sell the property without her consent or signing the sale documents for your proposed short sale.

    California lenders normally use the non-judicial foreclosure procedure therefore if your lender had not started foreclosure procedures you have approximately 120 days or more before you will be issued a “Notice of Sale” Of course this is at the discretion of the lender so the process could be longer, but not shorter.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

Powered by Yahoo! Answers