Menlo Park Short Sale and A Seller's 401 K

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Real Estate Agent with eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales B.R.E. 01191194

I have a Menlo Park short sale listing that is in escrow. Chase was the original lender and is now the servicer of the loan.  What that means is that after Chase made the loan they sold it to another investor. It could have been sold to Fannie or Freddie, Wall Street, another bank, or an individual. The important thing to remember is that this investor is The Decider.  The wonderful negotiator at Chase does not get to make the final decision, the investor does.  Now if you have a loan with Chase and have gone onto their web site to investigate what you need to submit for a short sale it does not say you have to send them any information on IRA or 401K accounts.  They are not vultures. However, my clients do have a 401 K and their paystub, which does have to be submitted shows that money is withdrawn every month for a 401 K plan.  As a result the investor wants to see the account, and could possibly ask my clients to take some money out of their 401 K to settle the debt. It is too bad my clients did not stop contributing to the 401K plan before they started the short sale process. Menlo Park Short Sale

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

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Marcy Moyer eXp Realty of California  Specializing in Probate and Trust Sales, and Rental Investment Properties

 

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Rainmaker
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Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
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Oh, that's too bad. Yup, they'll probably want the seller to take some money out of the IRA and pay them. I'm often asked if the bank will attach an IRA, and nobody can take anything that you don't willingly give to them. But if they see it, they'll ask for it. Vultures.

Dec 15, 2010 01:11 PM #1
Rainmaker
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Marcy, It is too bad they did not stop the 401K contribution before submitting their paperwork. All banks are in fact, VULTURES! They eat the young and sell the old. They will stop at nothing. If they see a homeowner has money … they will want it!

Dec 15, 2010 03:00 PM #2
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Rainmaker
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Marcy Moyer

Probate, Trust, and Investment Specialist
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