Your client does NOT have to declare 401K or IRA info to the lender, these are protected assets, they can leave these boxes blank on the financial info worksheet & if the lender asks about it, they can do a 'declaration' of sorts stating that they don't want to reveal those types of assets. Ask an RE attorney, because I'm not really sure what form one would use to do this. I learned this recently from a highly trusted source.
Hi All-
I'm having this problem with a couple of my seller's right now. One in particular has 3 investment properties that they are trying to get rid of right now. They do have assets in their retirement funds but they are an elderly couple (mid to late 70's) and cannot retire because they have these properties. The husband (income provider) is a doctor and has seen a significant reduction in income. I've had 1 lender come back to me on one of their properties that they need the full payment or they will not approve the short sale because they can "see" that they have assets - however we have never provided any info on their retirement plans or stocks. Then on another property, PNC is the junior lien and we offered 10% of their balance, so roughly $9,400 and they came back stating that they are denying that offer and requesting $40,100 to release the lien and $57,000 to release the deficiency. HELP! There is no way these sellers can come up with any of this money or they will not be able to retire.
Any ideas would be MUCH appreciated!
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.