My question involves bankruptcy in the state of: Wisconsin
My husband was divorce from his ex in 2011 in AZ. He quit claim deeded the upside down house to her in AZ. Later that year he filed bankruptcy in WI. He was totally discharged from the bankruptcy debt. Even later in 2011, he and I were married in AZ and moved to WI. The ex just stopped paying the mortgage after the divorce, the bank is just now getting around to foreclosure, she has negotiated a short sale. She has lived in the house for free since July of 2010 and just finally moved out last week. Now, years later, her bank wants him to sign off on the short sale! They have sent all these papers for him to sign and return. I have several questions! 1) Why would he have to sign anything if its not his house and he was discharged from the loan? 2) If he does sign it what are the potential ramifications for my husband? For me? 3) Is there ANY possibility that by signing the paperwork, he is reaffirming the debt (even if it is to get rid of it) and in that case will incur a phantom debt? a tax burden? 4) What happens to her and the short sale if he just flat out refuses to sign the paperwork? Under NO circumstances, do I want him to do anything that will bring this debt in front of the bankruptcy and back into our lives. Am I wrong to be so freaked out that they want him to sign something?
From her banker trying to get his signature:
"I have a call into your attorney to go over these documents with him. If you have his email, please forward them to him so he has them when he returns my call. You are not a seller but the only way to get your name off the loan even after bankruptcy is to refinance, which of course is not an option. You are actually just a formality because your name appears on the original loan. If you have any questions, please let me know."
and this:
"The final documents for the sale of the property referenced above are
attached for your signature. Please sign according to my instructions
below.
- HUD Settlement Statement, please sign the 4th page underneath Ex wife's name ( there is no signature line for you since you are not a
seller in the transaction)
- Assignment of Unearned Premium Refund, please sign & date above where
your name appears
- Closing Worksheet, your initials and date are required about 3/4 down
the page in the middle. There is a sample page behind this one which
shows where you are to initial.
Please feel free to contact me with any questions. Please return these
documents to me via email or fax at your earliest opportunity."
My husband was divorce from his ex in 2011 in AZ. He quit claim deeded the upside down house to her in AZ. Later that year he filed bankruptcy in WI. He was totally discharged from the bankruptcy debt. Even later in 2011, he and I were married in AZ and moved to WI. The ex just stopped paying the mortgage after the divorce, the bank is just now getting around to foreclosure, she has negotiated a short sale. She has lived in the house for free since July of 2010 and just finally moved out last week. Now, years later, her bank wants him to sign off on the short sale! They have sent all these papers for him to sign and return. I have several questions! 1) Why would he have to sign anything if its not his house and he was discharged from the loan? 2) If he does sign it what are the potential ramifications for my husband? For me? 3) Is there ANY possibility that by signing the paperwork, he is reaffirming the debt (even if it is to get rid of it) and in that case will incur a phantom debt? a tax burden? 4) What happens to her and the short sale if he just flat out refuses to sign the paperwork? Under NO circumstances, do I want him to do anything that will bring this debt in front of the bankruptcy and back into our lives. Am I wrong to be so freaked out that they want him to sign something?
From her banker trying to get his signature:
"I have a call into your attorney to go over these documents with him. If you have his email, please forward them to him so he has them when he returns my call. You are not a seller but the only way to get your name off the loan even after bankruptcy is to refinance, which of course is not an option. You are actually just a formality because your name appears on the original loan. If you have any questions, please let me know."
and this:
"The final documents for the sale of the property referenced above are
attached for your signature. Please sign according to my instructions
below.
- HUD Settlement Statement, please sign the 4th page underneath Ex wife's name ( there is no signature line for you since you are not a
seller in the transaction)
- Assignment of Unearned Premium Refund, please sign & date above where
your name appears
- Closing Worksheet, your initials and date are required about 3/4 down
the page in the middle. There is a sample page behind this one which
shows where you are to initial.
Please feel free to contact me with any questions. Please return these
documents to me via email or fax at your earliest opportunity."
Post-Discharge Issues Bank Wants Former Owner to Sign Off on a Short Sale
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