Legal Question in Real Estate Law in Massachusetts

Hi. This question pertains to real estate/family law. I have my name on a note that I am no longer responsible for due to a divorce finalized four years ago-the decree states in every possible way that I am not responsibe. But, of course the ex couldn't refi and didn't sell. Now, he's not making paments.

I realize that the bank still finds me liable for payments (though they are not attempting to collect from me). So, obviously I have an interest in the home. Its for sale, however, I find that the realtor is listing the house as a "short sale"...but the collection agent at the bank tells me there is no short sale agreement. Is it possible that the home can be listed as a short sale without an agreement from the bank? Does the bank have to be straightforward with me about that fact? Or maybe there is no need of an agreement at the time of the listing?

I do have a family law lawyer. I'm hopeful to just get these questions answered without adding more money to their fund because I cannot afford more than what I've already paid.

Thanks!


Asked on 8/12/10, 12:48 pm

1 Answer from Attorneys

It is not unusual for the a property to be listed as a short sale without notifying the bank. The problem will be getting the bank to approve a short sale fast enough for the buyer.

Likewise, the collector is not the person who approves short sales, there is a short sale dept and it would not be unusual for one dept not to know what the other is doing. I would contact customer service and see if they can tell you if the property is approved for a short-sale or ask to speak to someone in that department.

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Answered on 8/17/10, 12:55 pm


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