Friday, December 2, 2011

Can my husband sign for me when our house sells?

My husband lost his job and we've moved 2,300 miles. The house is in short sale (pre-foreclosure) status. I'm 28 weeks pregnant and miss my house terribly. I'd prefer not to have anything to do with someone happily buying our home for $30,000 less than we bought it for in the summer of last year.





Do I really have to sign that stuff, or can I just let him do it? I'm not on the loan, but I am on the deed.|||There are 2 Specific Power of Attorney forms. One is to buy or encumber, the other is to sell. You sign %26amp; record it in the state you are selling or your hubby can bring it with him when he signs %26amp; the escrow company can have it recorded with the deeds/closing papers.





If this home was your primary residence %26amp; certain conditions apply, no, you will not have to pay income tax on the amount of cancelled debt. What is the Mortgage Forgiveness Debt Relief Act of 2007?:


http://www.irs.gov/individuals/article/0鈥?/a>|||You could also quit claim your interests to your husband and have your husband record it.

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|||I do shortsales all day long, are you aware that at the end of the year your husband will receive a 1099 and have to pay taxes on the $30,000.00 . Yes, you will have to sign off on the deed unless you signed over power of attorney.|||I do short sales for a living as well. You will have to sign off as well or give your husband power of attorney.





The reason I answered is that the previous answer made some remarks about taxes that could not be true. For example, if this home was in California and your primary residence, you would have no tax consequences.





Regards|||If you sign a power of attorney, there is no reason, you have to be bothered. Good luck in your new location!|||You, as an owner, will need to sign the warranty deed transferring ownership to new owners. You may be able to avoid signing the warranty deed, but to do so you would have to give to your husband a valid power of attorney to sign on your behalf.

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