If soneone did not qualify for the loan using tax returns but went no income verification verified assets can they ask for tax returns in order to approve a short sale or deed in lieu?
Does the house have to sit on the market for a certain number of days before a deed in lieu can be approve ?
How much financial information do they need to turn in to get a short sale approved?
2007-02-19 08:48:39 · 2 answers · asked by Annie 2 in Business & Finance ➔ Personal Finance
They are probably trying to see if you committed fraud when taking out the loan. So be very, very careful about what you send them. Could just be they want to see how much you make, and if they can get any loss back out of you too.
They can ask for whatever they want, I suppose. If you don't give it to them, they're unlikely to be as willing to lose money without knowing if they can collect it back from you.
2007-02-19 08:52:49 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
If you received the loan as a no doc loan then I don't see why they even care to see your tax return.
Most likely the bank wants to see if you could really afford the house or are you just walking away because you can.
A short sale or deed in lieu of foreclosure will take some time to process. Work on the bank's schedule since you're the one in a bind.
El
2007-02-19 20:41:50 · answer #2 · answered by El_Nimo 3 · 1⤊ 0⤋