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Short Sale

Ex was awarded house in divorce - he was ordered to refinance - didn't - house was short saled - I was not aware he wasn't making payments - GMAC Mortgage advised as long as one signing party (him) was aware of the default they had no obligation to notify me.  The best I could possibly hope for was a judgement against him for failing to follow a court order.  That does nothing for me now that I want to buy a home on my own because no one wants to touch me because of the short sale. Is there any way I can work with this?  I don't believe it's been 4 years yet and it's driving me nuts knowing I have to live in a dumpy little apartment because rent here in this area is astronomical and it's actually cheaper to pay a mortgage payment.  I don't want a Taj Mahal just a little place to call my own.   
  • December 20 2013 - Chester
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Answers (4)

I'm sorry to hear about your situation. Situations like these have are some what common for people in your scenario. There are lenders that can accept documentation to show that this foreclosure was connected to your divorce. This would then allow flexibility for you to obtain a loan. Either way, the best thing for you to do right now is to speak with a lender to see if you can get started on financing a new home. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • December 23 2013
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Hello Juniper41,

Have you sat down with a loan officer and discussed your options? Providing your divorce degree, former's default of court order not being followed? Suggest talk with a local small banker near you not a large financial institution, the local banker will service their mortgages and not sell them after you close on property. Local bankers have more lee-way with the unconventional purchaser similar to your case. Hope this helps.
  • December 21 2013
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Juniper41,

You just may qualify for a new mortgage as long as you can provide documentation the mortgage was late after the divorce and not during or before.  Also, if the short sale was 3 years ago, you mentioned it has not been 4 years yet, you may qualify as long as there are compensating factors such as good payment history on your own accounts after the divorce, time on the job, on time rental payment, low debt to income ratio, etc.

You should talk to a mortgage professional who will look at the overall situation and will get you on the right track to home ownership.

Best of luck

Jonathan 
  • December 21 2013
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That's a tough one. Yes, he should have refinanced which would have gotten your name off the mortgage and any liability for the mortgage payments. Since you were on it your credit also took a hit. It seems odd to me that the bank did not, at some point, need your signature on something showing you were also aware of the defaulting mortgage and short sale. Was your name on the deed? They would need your signature if so, if not on the deed then you were responsible for the mortgage but not an owner of the house, and that's a bad position to be in with a house.

You might have a law suit if he forged your name anywhere. Good luck.

tim
  • December 21 2013
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