Quote:
Originally Posted by Evan Bedard  Hi Rockraider from my personal experience with Bofa/ CW they would require all income documentation before a short sale can be done. I'm sure pretty much all the lenders will require this information as well. Also your property must be listed for at least 3 months before they will consider the short sale. |
Evan, thanks for the quick response. Any idea what they gain out of getting this income and asset information from me, to approve the short sale of my home? I just don't get why this is necessary, as like I posted, it is a non-recourse loan. So I don't believe they can come after me for a judgement of any kind. Therefore shouldn't they just decide whether they want me to sell the home for them, or whether they want to foreclose and sell it themselves (wasting another 3-6 months in the process)? My income doesn't change that equation for them at all....