401k Statement

Does anyone have any odea why SLS would request a 401k statement from my sellers?  I am not sure if I have just been lucky with all of my short sales or what but this is the 1st time it has been requested.

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Replies to This Discussion

Permalink Reply by Maya Thomas on June 11, 2011 at 12:56pm
They can ask for the statement.  The funds are protected.  The lender may not go after the funds (in Florida).
Permalink Reply by Bernadette Davidson CDPE SFR CNE on August 28, 2011 at 2:47am

I found the negotiator wants to see how much is being contributed monthly and ask for those "discretionary" funds to be used to sign a promissory note.  Example: I had 2 married borrowers both contributing $200. monthly for a total of $400. which they tried to persuade was available funds to repay the bank. They had been doing that for twelve years which had reduced their tax obligations. True, the funds are protected, but their monthly contribution was disclosed and negotiator used that against them. Hope that helps.

 

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