Upcoming Foreclosures

you give a bank your taxes information, bank info, and check stubs for a short sale can they use it aganist u?

My Real Estate agent wants to short sale the house it is due to foreclose in a month and we have a cash offer, but the short sale process is asking for tax info, bank infor and check stubs I am worried they will use it against me. Should I not worry and just do it since it is better then foreclosure.

Public Comments

1. make sure you understand your liability if you short sell your home. You should be working with an attorney here.
2. of course they want to review the information: first they want to see if you have any savings because why should the bank take a loss if you have savings in the bank? then they want to see hows much you made last year, if they figure based upon that amount you can afford the current payment they will not approve a short sale you can refuse to send the info to the lender but then the lender will refuse to do a short sale forcing you into foreclosure
3. Of course they can! They want to make sure that you really can't afford the place and really have no money before giving you permission to screw them out of cash. good luck!
4. They can use it to determine if you should have been able to pay them and base the decision on the short sale on that info. they cant release that info to any one else but it will be bad for you if they feel like you could have been paying all along. there are other options for you to look at regarding avoiding foreclosure if you want to check out some go to my website and see if you find what you need if not fill-in the short app and i can call you to discuss your options. It doesn't cost anything to see if you qualify and we don't charge if we cant help. preforeclosureusa.com/pmarkowitz