Wednesday, May 1, 2013

Compliance with Bank's Financial Information Requests in Short Sale Process

Question: We were in a short sale process with our lender and now they transferred our loan to another lender. The new lender says we have to start the short sale process all over and provide extensive financial information, which was provided in part to the original lender. Is this legal and if so, I only plan to provide limited information and state that we filed Chapter 7 bankruptcy in 2011 for much of the questions.

Response: Short sale process can be rather complicated and must be approved by the bank. If your servicer has changed, you must now comply with new servicer or short sale will not be approved. If you filed for bankruptcy, there is nothing shameful here and should be disclosed. The bank usually pulls your credit report and will be able to see it anyways. Every bank has their own process for short sale and I am not sure what it is that this particular bank is asking of you in this case but most of the time they just want to get an offer similar to the market value of the property to approve the short sale (also unaffordability of current mortgage).

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

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