“I want your 401k!” …is what your bank will say if you send in your 401k documentation, included in your short sale package. Did they ask for this information? NO! Do they need to take your every last cent and any small chunk of change you might have in a 401K or other stock plan, no.
So why do other short sale agents send this information in with the short sale package only to have the lender ask the poor homeowner for every last dime? I don’t know. The lender will ask for documentation from you, and most every single time, stock or 401k documentation is not required. If your Atlanta short sale agent is requesting this documentation as part of a short sale package, RUN.
Now, some of you, in an attempt to save your credit, have already tapped that 401k to pay the mortgage. But, what happens when it’s gone? Right, you’re in the same boat as before… just several thousand down the drain.
You shouldn’t hide this from your lender by any means and that’s not what we are suggesting. They just don’t ask for it in order to make a short sale decision, so why would you give it to them?
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