Legal Question in Real Estate Law in Georgia
I am beginning the process to request a short sale on my home. Am I required to provide my husband's income (paystubs, inclusion in financial budget) when submitting my hardship package? We requested a modification on our second loan recently, included his wages along with a contribution statement the bank requested and were denied (I'm guessing because we showed a $200 surplus with his income included). I'm thinking that since his name is nowhere on the loan that he isn't really "required" by the bank to contribute toward the mortgage. Is this true? Can I submit my income alone to be considered for the short sale even though we included it for the modification request?
2 Answers from Attorneys
Those are not legal questions. The bank can generally ask for what they want, and you can decide whether or not to provide it. It should be obvious why they ask for all household income.
Short sales are often fraught with legal and practical pitfalls, and often fall through. Many times they end up being the worst of several options you should have looked at. It is very important that you not apply or discuss this with the bank until you seek legal counsel. In some cases, bankruptcy, or even allowing foreclosure, may have advantages, as may modification. Feel free to set up an appointment at my office to discuss all your options.
(And to answer your question, yes they will want all your household income, and very rarely do banks agree to short sales).
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