Nationstar demanding 401K statement from Borrowers
I have Nationstar demanding a 401K statement from my borrowers on an investment property they're Short Selling. I understand that Borrower is not obligated to furnish this statement. Has anyone had a similar experience where borrower has refused to furnish this document and Lender has not become passive-aggressive and demanded cash at closing, promissory note or rejected Short Sale? Thanks.
Replies to This Discussion
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Permalink Reply by Shawn Wilkinson on
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They can ask for whatever they want. If the borrower filled out the financial form and included a 401k balance then they will ask for supporting statement.
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Permalink Reply by Jeff Payne on
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Why do you believe they are not obligated to furnish the statement?
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Permalink Reply by Bibi Zanella on
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Jeff, I consulted with a Foreclosure attorney once and asked this question and the reply was that the borrower was not obligated to supply the lender with the 401K statement just as the Lender was not obligated to allow the Short Sale. I had a prior short sale where the Lender wanted the borrower to liquidate funds in the 401K and they refused and eventually after I escalated, they relented and approved the short sale. I was merely trying to ascertain if anyone else has had experience with not supplying the requested statement and if Lender acquiesced. Thanks.
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Permalink Reply by Hericson Torres on
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In my experience this document request is normal. The only type of income/ asset normally not required to be disclosed is social security, disability, public assistance, etc... This type of income is protected from garnishments, etc..
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