Can a lender request income and asset documentation after a home has been included in a BK??

This is a follow up to my previous post.  Would this not be a violation of trying to collect a debt after bankruptcy.  Has anyone come across this before??  what say you???

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Permalink Reply by Satar Naghshineh on May 22, 2012 at 4:13pm

I'm not an attorney, but I assume it is fine if the borrower is asking the lender to accept a short sale. If I am a creditor and you filed bankruptcy and included my debt in the BK, I am sure I can request whatever I want if you were to approach me in the future to settle your debt with me.

Permalink Reply by Minna Reid on May 23, 2012 at 7:47am

 I agree...every post bk short sale Ive ever done has included full docs.

Permalink Reply by Drew Ludlow on May 23, 2012 at 10:22am

I am not an attorney either, but I am told that they can not request financial docs if there is or was a BK.  However, they can still ask for bank statements and possibly paystubs.  I do not think they can request full disclosure of all assets and income.

I was also told that it would be in the Sellers best interest to simply comply if asked.  The more you disclose and the easier you are to work with, the easier it will make the process.

Don't let yourself stand in your own way.

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