Disclosing Financial Info On A SS Package..
anyone know how closely the assets are looked at in a SS pkg. For example, does the bank just do credit check to check the accuracy of the financial sheet or would they investigate further into looking at LLCs and other assets? I want anwers based on experience not opinions. thanks
misstating this info is banks fraud.
Banks have access to the borrowers credit and will check it for accuracy.
Thanks for the reply... the house is located in Utah and is not owner occupied... its actually vacant and new, never lived in....
Chances are that Citi will not short the second if you have other assets and income. You may just have to accept a deficiency judgment or some other compromise with Citi.
BTW, the $300K or so that Countrywide is willing to forgive mayl become taxable to you as ordinary income if the SS goes through. Chances are that this will bring AMT into play, too. Consult your tax advisor for specific details.
[ Edited by NewKidInTown3 on Date 09/06/2008 ]
Were you able to get the answer you need. I might have someone who can help. She is really good. Let me know.
I am a professional short sale negotiator. Seconds play hardball because it is their only option. They know that they get nothing if you go to foreclosure. Whomever is negotiating the SS should continue to pound them. I have gotten Citi to fold on several deals.
Seconds do indeed like to play hardball...but most eventually fold. Just continue to pound Citi mortgage. Jack Matlock is one of the managers in the SS Dept...try to get in touch with him.
The owner/seller dipped into his pocket and paid the second $150,000 outside of closing to release its lien.
Maybe I should clarify. There is a listing agent, and there is a selling agent. There is a purchase agreement and a listing agreement. All I am going to do is facilitate the process. Be a paper pusher in a way and follow the paperwork through the system. So I am not doing any realestate work. Thanks for your help everyone!
there are no licence needed for short sales, however, a third party negotiator should not cost you anything. I get my fee from the sale proceeds.
Jeff, that is an awesome profile photo.
If your a crack dealer, come on!!!