I seem to be getting some inconsistent information on BK and short sales.  More specifically Chapter 7 BK.  I have a seller who is refusing to send in any financial information because he was told by his attorney that he didn't have to.  The bank is telling me that per FHA guidelines, bank statements, paystubs, etc.... are required.  Everyone I ask give me a different answer.  I'm in Florida, by the way.  Thoughts? Comments? Suggestions?

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Ask yourself this question.  How likely is it that BOA will approve the Short Sale if you don't give them what they are requesting?....

I don't understand the inconsistencies. I have a client who also filed chapter 7 and he was told that he didn't have to send in any more financials after we initially submitted them because he filed BK. But I know that I just talked to Chase regarding another client who isn't FHA and filed chapter 7 and Chase does require the financials to be submitted. BTW, her attorney advised her not to do the short sale!

Different Servicer(s) Different Loan Investor(s), Different Guideline(s), Different Day(s), Different Person on the Phone.....

That's the System we play within.


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