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Can I short sell my home to my wife?
Ok, my wife isn't on the note because I bought the place before we were married. Now the value has plummeted and we'll probably have to dump it to get out from under the loan that's set to explode in a few years. Can I put it up for a short sale and have her purchase for the current market value?
6 Answers
- acermillLv 71 decade ago
Not a chance. When the lender agrees to the short sale (if it does), part of what you will need to sign is a document declaring that you are NOT doing exactly what you are proposing to do. NO lender is going to tolerate this sort of scam. If you falsify the document and they discover same, you are now involved in lender fraud. That is a FEDERAL offense. Do you look good in zebra stripes ?
- LandlordLv 71 decade ago
No, the bank is not going to agree to allow you to profit from selling your house to your wife, which is selling it to yourself if you are in a community property state. You can attempt to short sale it ans profit from that, but it has to be an arms length sale.
- Anonymous1 decade ago
No way. That would be a fraudulent short sale and the lender would never approve it.
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- cainvest1Lv 71 decade ago
Hard to understand how this 'helps' you. If your wife has the credit to do this why don't you just refi before the loan 'explodes'.
- Ryan MLv 71 decade ago
You could, as long as she has sufficient income and credit to afford it all by herself and you can afford to pay the income taxes on the "short" amount.
