Posted on: 02nd Feb, 2011 01:14 pm
I have BofA and am trying to get a short sale to go through. My realtor is saying that if I don't fill this out that they will not approve the short sale. I don't see how or why the bank needs this information from a seller. I mean they already have my W-2's, SS#, paycheck stubs, last 2 tax returns, bank statements, etc. why do they need this information. The request has left me EXTREMELY wary.
My short sale experience is negligible, but frankly, nothing would surprise me. I can't begin to explain why a lender on the selling side would want a 4506T signed, but I'm sure it's not because they want it for themselves. It would more likely be an investor-driven condition, i.e. Fannie or Freddie (or whoever else it might be) requiring it - simply because of the nature of the transaction.
Purchasers now must sign one at application and again at closing. Why two? I don't have that answer, but again, I'm not surprised at most of what takes place in the mortgage industry any more.
Purchasers now must sign one at application and again at closing. Why two? I don't have that answer, but again, I'm not surprised at most of what takes place in the mortgage industry any more.