QUESTION
Does he legally have to send my child's information for the mortgage?
Asked on Mar 27th, 2012 on Foreclosures - Florida
More details to this question:
My daughter just got married a year ago. His parents bought a house as an investment for their son, and had him sign on the paperwork (mortgage I think), and have some paper that says he is not liable for the repayment of the loan. Now they can't afford the payments and it is in short sale. They called yesterday and said that their son needs to send all his financial information to the title company so they can get the house sold. Does this mean he is liable to repay whatever they are short on what is owed on the house? Does he legally have to send the information?
1 ANSWER
Jeffrey Marc Siskind
The lender probably wants to ascertain that he financially qualifies for its short sale program. However, a true short sale eliminates any deficiency judgment, so he would not owe anything.
Answered on Mar 30th, 2012 at 1:13 PM