When is income information too old?
When doing a short sale, it is sometimes a challenge for the homeowner to give the agent all the documents they need in order to request a short sale (Hardship letter, W2 (last year's), Pay Stubs (last 2), Income taxes in some cases, Bank Statements (last 2), Financial Worksheet), etc in some cases. But when you then have to go back because the banks are taking so long that documents are too old, it is another challenge explaining that to the homeowner, when you really do not have any update - except to say the bank need updated information.
Rule of Thumb: The bank requires the homeowner's Financial information be updated every 90 days. Income evidence must be updated every 90 days. Bank statements are included in that requirement.
Agent it is wise to let your homeowner know that you will be coming back to make sure those documents are updated in a timely manner and to avoid delay in the short sale process. Anything you can do in a timely manner will definitely help the process.