I am in process of applying to my bank to allow for short sale of my property. I was filling out the required paperwork including the Uniform Borrower Assistance Form (MAC form 710). I spoke with the rep from the bank and was told that I had to include my retirement and 401k
assets in the Asset Column of the form. The form clearly states NOT to include retirement assets. The rep said they still required it.
Additionally, I receive a $10,000 lump sum payment annually as a military pension
called Voluntary Service Incentive. I do not get anything monthly and I get it every October.
1. Can the bank legally require my retirement account information?
2. Since I do not receive my military pension monthly, and I do not have the annual money at this time, am I obligated to list it under the column labled "Monthly Household income"?
3. The bank has also requested my checking account information and balances. I have $10k in my checking account which is earmarked for a settlement of a credit card debt
I negotiated with another bank but have not yet paid. Should I still list that money as an asset?