Hello loan pros,
I have been researching solutions for divorcing couples who are underwater on their mortgages and need to get one party off the loan obligation. Unless they are destitute or behind on their payments it seems like no lender in its right mind will restructure the loan, approve a short sale, or let one party off the hook. I thought perhaps Fannie’s Keys to Recovery program might work in this case, allowing a qualified partner to refi a Fannie loan to 120% of the current value and get the other spouse off the loan. However, I can’t find any actual program guidelines. And from the documentation out there it looks like this is offered as a streamline only — which would I think make it unavailable to couples who want to drop one party from the loan.
Any news / advice?
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