I have a shortsale lead in NY. The home owner I spoke to has the mortgage in his name, but he and another person has thier names on the deed. The homeowner I spoke to can’t find the other person whose name is on the deed.
Do I need both homeowners that are on the deed to do a shortsale? Is it possibe to do a shortsale with just the contact that has the mortgage?
Thanks all.
I suppose the bank would release the lien if it got paid, although I haven’t tried. The other home owner can convey his interest to you via quit claim, which will make you an owner with the other party, but you won’t be able to convey clear title to your end buyer unless you find the other person. Check with a local attorney regarding an action to quiet title if you can’t find the other homeowner.