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.
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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.
Why do you believe they are not obligated to furnish the statement?
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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